FXstreet.com (Barcelona) - The Dollar's recovery against the Canadian from intra-day low at 1.0695, coming from its 130 pips declines from intra-day high at 1.0825, has been capped at 1.0780 in the early European morning, with the pair sliding to trade below 1.0750, close to 1.0730.
Currently the pair is trading around 1.0725/35, 0.45% below today's opening price action at 1.0760. USD/CAD is trading lower from Friday's high at 1.0960.
Oil is falling 0.90% so far today to trade close to 69.30.
Chris Capre, Analyst at Second Skies, comments: Below the Kumo and 20ema, the latter since mid April, the pair has had resurgences, only to get stymied by the 20ema. Lately its been drifting down at a non-chalant pace hovering around the 1.06-1.10 region with no real commitment other than to be caught in the decision making process like a shopper at Ikea. Overall, we feel the only real plays are rejections off the 20ema until we see further commitment on one side of the market or the other. Kumo formations suggest the best time for a reversal would be the end of year, new year when traders are on vacation.