Axel Rudolph, Senior Analyst at Commerzbank, noted the pair should meet support in the 1.2744/30 band. Key Quotes “USD/CAD‘s decline is ongoing and has taken it to its current October low at 1.2783, effectively to around the breached 2016-18 resistance line at 1.2801″. “Together with the May lows at 1.2744/30 we expect this support area to hold”. “Should this not be the case we would turn bearish and target the April trough at 1.2529. Further down sits the 1.2463 May 2016 low”. “Minor resistance above the 1.2872/88 resistance area (August and September 20 lows as well as 200 day moving average) comes in at the 1.2963 early August low”. “Downside pressure will be maintained while the 55 day moving average and the late September high at 1.3034/80 cap”. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next NZD/USD slides to 2-1/2 week lows, around mid-0.6500s ahead of US data FX Street 4 years Axel Rudolph, Senior Analyst at Commerzbank, noted the pair should meet support in the 1.2744/30 band. Key Quotes "USD/CAD's decline is ongoing and has taken it to its current October low at 1.2783, effectively to around the breached 2016-18 resistance line at 1.2801". "Together with the May lows at 1.2744/30 we expect this support area to hold". "Should this not be the case we would turn bearish and target the April trough at 1.2529. Further down sits the 1.2463 May 2016 low". "Minor resistance above the 1.2872/88 resistance area (August and September 20 lows as well as 200 day moving… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
