FXstreet.com (Barcelona) - USD/CAD has fallen around 100 pips since the beginning of the European session from 1.2187 to trade below 1.2100 level and test the 1.2075/85 support zone. Currently the pair is trading around 1.2080/90 after falling 0.40% so far today.
According to Mohammed Isah, Analyst at FXTechstrategy, the USD/CAD retest of the 1.1983 level looks to occur: Having reversed almost all of its recovery gains started at the 1.1983 level, its April 16'09 low,USDCAD is now shaping up for a retest of that level in the coming week. Supporting this is the fact that the pair has printed a higher level rejection candle and its weekly momentum indicators are bearish and pushing to the downside suggesting further weakness.
For more information, read our latest forex news.