Forex Analysis : USD/CAD
Performing as forecast last week, USD/CAD needs to hold above 0.9700 if a new low is to be avoided.
• There is little support of note, and we certainly can’t rule out a fresh low here – to 0.9660 or so, possible lower.
• USD/CAD needs to hold above 0.9700 or so and quickly rebound to nearer 0.9820 and hold at or above this level if further weakness to fresh lows is to be avoided for the US Dollar vs. Canadian.
• There are key resistances at 0.9820 or so, and then from around 0.9970 all the way to parity and indeed 50 pips beyond.