FXstreet.com (Barcelona) - The Dollar's decline against the Canadian from 1.0650 has break down the 1.0600 level to hit fresh intra-day low at 1.0590. Currently the USD/CAD is trading around 1.0600/10, 0.30% below today's opening price action at 1.0640.
USD/CAD is extending its decline from yesterday high at 1.0670.
Rajoo C, analyst at Precise Trader, commented this morning: The Hourly Oscillators are Bullish but Weak and the price is Above the MA, so CAUTIOUS approach is needed for the Bulls. Hourly Trend is Turning Down while 10775 holds and Daily Trend is Sideways while 10875 holds, so expect the price to be Choppy until the breakout happens. The Price closed exactly at the Res U Turn Zone 5 , the bulls were strong but gave up mildly towards the close .The Hourly Trend is in a Range Trading expect a Choppy session until the breakout happens , 10695-10775 are the critical levels to watch to maintain the bearish outlook . On the 5 min is along the gradual Down Channel and the price patterns are suggesting to turn down soon.