FXstreet.com (Barcelona) - After reaching the 1.1680 level, lowest since November 10, the USD/CAD has risen around 100 pips to test the 1.1780 resistance, intra-day high. Currently the pair is trading around 1.1755/65.
In May, USD has lost 1.43% from opening price at 1.1937 to the currently 1.1760. Last month, April, the pair lost 5.37% from 1.2609 to close at 1.1933.
Anna Coulling, analyst at Master The Markets, says: With yesterday's forceful breakout rampaging through the 1.18 price point detailed in yesterday market commentary for the usd to cad there is now nothing to prevent a rapid and further move deeper to re-test the 1.15 region and beyond, and this should now be our next target for the long drop. However, given the sharpness and speed of the decline it would not be a great surprise to see some temporary profit taking and a squeeze higher in the next few days before the downwards move continues apace, with the 1.18 region now providing strong resistance to any attempt to reverse higher in the short term, and we could not be seeing the first stages of an attempt to revert back to parity so for position or longer term traders this may be the opportunity they have been waiting for.
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