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FXStreet (Córdoba) - After failing to consolidate above the 1.2300 level, USD/CAD came under pressure and fell toward the 1.2210 area before finding support and steadying in a range.
The loonie was supported by oil prices during the American session, although both oil and CAD lost steam during the afternoon trade. USD/CAD has spent the last hours in a 50-pip range and it was last trading 0.39% down at 1.2230. USD/CAD short‐term technicals
Camilla Sutton, Chief FX Strategist at Scotiabank noted that USD/CAD short‐term technicals remain bearish with most studies warning of further downside risk. “USDCAD is flirting either side of the 100-day MA, but has been trading in a 1.2088 to 1.2328 range over the last five sessions. We are using these levels as support and resistance”, she added.