“¢ The prevalent USD selling bias prompts some fresh selling on Wednesday. “¢ Bullish oil prices underpin Loonie and add to the downward pressure. The greenback kept losing ground against its Canadian counterpart, dragging the USD/CAD pair below the 1.3100 handle to two-week lows. The pair extended overnight rejection slide from the 1.3200 neighborhood and was further weighed down by a combination of negative factors, ranging from the prevalent US Dollar selling bias and bullish commodity prices. Ahead of a crucial meeting between the US President Donald Trump and European Commission President Jean-Claude Juncker, amid heightened trade tensions in the global economy, weaker US Treasury bond yields kept the USD bulls on the defensive. This coupled with a follow-through positive momentum in crude oil prices, supported by overnight API report that showed an unexpected fall in the US inventories, underpinned the commodity-linked currency – Loonie and further collaborated to the pair’s heavily offered tone. Technical Analysis The latest leg of sharp decline since the early European session could also be attributed to some technical selling below an important horizontal support near the 1.3140-35 region. The pair has now dropped to test 50-day SMA support for the first time since late-May and a follow-through weakness should pave the way for an extension of the near-term downfall. Spot rate: 1.3091 Daily High: 1.3166 Trend: Bearish Resistance R1: 1.3140 (horizontal zone) R2: 1.3166 (current day swing high) R3: 1.3187 (R1 daily pivot-point) Support S1: 1.3064 (monthly low set on July 11) S2: 1.3040 (horizontal zone) S3: 1.3000 (psychological round figure mark) 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 EUR/JPY Technical Analysis: pullback has room to extend to the support line around 129.30. Another test of 132.00 remains on the cards above it. FX Street 5 years "¢ The prevalent USD selling bias prompts some fresh selling on Wednesday. "¢ Bullish oil prices underpin Loonie and add to the downward pressure. The greenback kept losing ground against its Canadian counterpart, dragging the USD/CAD pair below the 1.3100 handle to two-week lows. The pair extended overnight rejection slide from the 1.3200 neighborhood and was further weighed down by a combination of negative factors, ranging from the prevalent US Dollar selling bias and bullish commodity prices. Ahead of a crucial meeting between the US President Donald Trump and European Commission President Jean-Claude Juncker,… 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.
