USDCAD Rebounds after Approaching YTD Low

USDCAD resumes the downward trend at the beginning of the nw week revisiting the lows from October 2018.The pair hit today the low at 1.3048 and rebounded above the 1.3080 mark.

Bears are in full control as the pair trading below all major daily moving averages. The pair hovers in oversold levels. First support stands at 1.3048 the daily low and then at 1.3038 the YTD low from July 4th. Immediate resistance for the pair stands at 1.3098 the daily high from European session, while a break above might trigger some aggressive buying, sending the pair to the next resistance at 1.3135 the high from July 5th. The pair needs to make a convincing rebound about 1.31 otherwise the sellers will make an attempt for new yearly lows.Don’t miss a beat! Follow us on Twitter.