USD CAD Reaches Critical Technical Level

The USD CAD is stabilizing overnight as weaker equity and oil marketsare encouraging traders to buy the U.S. Dollar. Currently this currencypair is at a critical level on the daily chart.

Daily Analysis

The USD CAD is stabilizing overnight as weaker equity and oil markets are encouraging traders to buy the U.S. Dollar. Currently this currency pair is at a critical level on the daily chart.

Based on the range of 1.0783 to 1.1724, support may begin to develop inside of the 1.1253 to 1.1142 retracement zone. Regaining 1.1253 will be a sign that this market is headed back to 1.1420.

Daily Chart

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