“¢ USD bulls remain on the defensive despite a goodish pickup in the US bond yields. “¢ Positive oil prices continue to underpin Loonie and capped any recovery attempt. The USD/CAD pair struggled to register any meaningful recovery and remained within striking distance of six-week lows set in the previous session. On Wednesday, the pair came under some intense selling pressure and retreated over 140-pips from an intraday high level of 1.3166 to finally break below the 50-day SMA support. The selling pressure now seems to have abated a bit, albeit a combination of factors, ranging from persistent US Dollar selling bias and rising oil prices did little to provide any meaningful lift. A goodish pickup in the US Treasury bond yields failed to revive the USD demand, while bullish crude oil prices continued underpinning the commodity-linked currency – Loonie and eventually kept a lid on any attempted recovery move. Moving ahead, today’s US economic docket, highlighting the release of durable goods orders will now be looked upon for some fresh impetus later during the early North-American session. This coupled with Friday’s advance US Q2 GDP growth figures will play an important role in determining the pair’s next leg of directional move. Technical levels to watch The key 1.3000 psychological mark is likely to protect the immediate downside, which if broken might accelerate the fall towards 1.2970 intermediate support en-route the 1.2920-15 region. On the flip side, any meaningful up-move now seems to confront resistance near the 1.3080-85 region (50-day SMA), above which a bout of short-covering could lift the pair towards 1.3135-40 horizontal zone. 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 China’s Commerce Ministry: ‘US extreme pressure, blackmailing on China won’t work’ FX Street 5 years "¢ USD bulls remain on the defensive despite a goodish pickup in the US bond yields. "¢ Positive oil prices continue to underpin Loonie and capped any recovery attempt. The USD/CAD pair struggled to register any meaningful recovery and remained within striking distance of six-week lows set in the previous session. On Wednesday, the pair came under some intense selling pressure and retreated over 140-pips from an intraday high level of 1.3166 to finally break below the 50-day SMA support. The selling pressure now seems to have abated a bit, albeit a combination of factors,… 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.
