The fall in USD/CAD today is the largest since last Tuesday.
The drop last week was a puzzle because it was isolated and unrelated to the news but today’s fall is more a case of broad-based US dollar weakness.
In any case, the pair is now testing the lowest levels since early April. The April 9 low was 1.0858 and that’s key level now. The USD dollar is testing similar key levels against the euro, pound and yen. Expect them to break or hold in tandem.
It could be a swift fall for USD/CAD if it gives way; the next level of support is the 200-day moving average at 1.0703.
USD/CAD daily
