TECHNICAL ANALYSIS

USD / CAD approaches Friday low


USD / CAD down 43 pips to 1.3056

USD / CAD down 43 pips to 1.3056

The USD / CAD is at the worst levels of the day, even as the dollar is rising higher from lows elsewhere. Expect month-end feeds in this pair today and others.

The pair touched 1.3047 on Friday and is just above now. It is down for the fifth day in a row and even a lower breakout could quickly reach support near 1.30 and extend to the January low of 1.2957.

The Canadian calendar is light this week until Friday’s jobs report, so the market will look to risky trading and commodities markets. Metal prices are higher today, but natural gas is down 5% as LNG plants are closed following Hurricane Laura. Still, it’s the best month for natty since 2018.

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