3 Feb 2015
USD/CAD: Break below 12375 opens fresh downside - 2ndSkies
FXStreet (Bali) - According to Chris Capre, Founder at 2ndSkies Forex, the next key support levels to watch in USD/CAD are at 1.2550+ and 1.25, with a daily close below 1.2375 likely to open up some fresh downside, tripping some stops in the process.
Key Quotes
"Yesterday in our weekly market commentary, we talked about the exhaustion price action in the USDCAD suggesting a likely pullback. This is exactly what happened with the pair forming a LH (lower high) and breaking the intra-day support at 1.2667."
"The next key support levels to watch are 1.2550+ & 1.25. A daily close below 1.2375 likely opens up some fresh downside, definitely tripping some stops. However bids stepping in here with strength likely means 1.2667 and 1.2790 will be under attack."
Key Quotes
"Yesterday in our weekly market commentary, we talked about the exhaustion price action in the USDCAD suggesting a likely pullback. This is exactly what happened with the pair forming a LH (lower high) and breaking the intra-day support at 1.2667."
"The next key support levels to watch are 1.2550+ & 1.25. A daily close below 1.2375 likely opens up some fresh downside, definitely tripping some stops. However bids stepping in here with strength likely means 1.2667 and 1.2790 will be under attack."