USDCAD Approaches YTD Low

USDCAD resumes the downward trend after the pair rejected on Monday at the weekly high at 1.3144 and today gives up 0.23 percent to 1.3073. CAD got a boost as the Canada International Merchandise Trade came in at $0.76B beating forecasts of $-1.5B for May. Exports came in at $53.11B, beating economists’ forecasts of $50.4B in May while imports came in at $52.34B, better than forecasts of $52.1B in April.

Bears are in full control as the pair trading below all major daily moving averages, now the pair hovers in oversold levels. First support stands at 1.3063 the daily low and then at 1.3057 the YTD low from 28 June and then at 1.3044 the low from October 2018. Immediate resistance for the pair stands at 1.3118 the daily high from European session, while a break above might trigger some aggressive buying, sending the pair to the next resistance at 1.3139 where the 200 hour moving average cross. The pair failed to make a convincing rebound about 1.31 and the sellers will make an attempt for new yearly lows.Don’t miss a beat! Follow us on Twitter.