FXstreet.com (Barcelona) - The Dollar has continued with its decline against the Canadian today's session after falling 1.15% so far today from opening price action at 1.0515 to the current 1.0395. Throughout European session, the USD/CAD has fallen from 1.0490 to reach intra-day low at 1.0375.
USD/CAD is extending declines from Dec 30 high at 1.0575 and after falling around 200 pips, the pair has found support at 1.0375 in its way to test Dec 29 low at 1.0367, 2-month low.
According to TJ Marta, analyst at Marta on the markets, USD/CAD is dropping to the lows of the range, USD/CAD (1.0386) is down again overnight, with CAD outperforming all the other major currencies. Support lies at 1.0367 (Dec29 low) and then 1.0363 (76.4% retrace of Oct-Nov rally). Resistance lies at 1.0749 (Nov27 high), 1.0870 (Nov2 high), 1.0959 (Oct high), 1.0993 (Sep high), and then 1.10 (psychological). In terms of other assets correlating with USD/CAD, watch the CRB, crude oil (both negative), USD index (positive) and SPX (negative). The 10yr interest rate differential is rising in significance.