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USD/CAD selling pressure remains unabated, tumbles to fresh two-month lows

June 13, 2017

 

The USD/CAD pair remained heavily offered for the third consecutive session and plunged to fresh two-month lows near mid-1.3200s.

 

The Canadian Dollar continues to benefit from Monday's comments by the Bank of Canada (BoC) Deputy Governor Carolyn Wilkins. While addressing a business school in Winnipeg, Wikins mentioned that BoC would assess whether the policy stimulus presently in place is still required. 

The statement was seen as first hint over possibilities of a rate-hike as early as the end of 2017 and triggered a sharp sell-off in the major. 

 

The selling pressure remains unabated through early European session on Tuesday amid a follow through recovery in oil prices, which further underpinning demand for the commodity-linked currency - Loonie. 

Meanwhile, a subdued action around the US treasury bond yields did little to extend any immediate support to the US Dollar and stall the pair's ongoing slump to the lowest level since April 13.

 

Today's US economic docket, featuring the release of PPI print might provide some trading impetus but the key FOMC announcement on Wednesday would be the next big trigger driving the pair in the near-term.

 

Technical levels to watch

A follow through weakness below 1.3245-40 area (April 12-13 lows) is likely to drag the pair below the 1.3200 handle towards its next support near 1.3185-80 region. 

On the upside, any recovery attempts might now confront immediate resistance near the 1.3300 handle, above which a fresh bout of short-covering could lift the pair back towards 1.3380-85 resistance area.

 

https://www.fxstreet.com/news/usd-cad-selling-pressure-remains-unabated-tumbles-to-fresh-two-month-lows-201706130927

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