January 27, 2023

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USD/CAD resumes push lower as sellers look to build further momentum

1 min read


USD/CAD falls to a low of 1.2473 on the day

USD/CAD D1 22-04

The dollar is coming under light pressure to start the session, seeing USD/CAD inch lower away from 1.2500 to 1.2470 levels currently.

The pair hit a low of 1.2460 yesterday but held off a daily break below the support region around 1.2476-00. Sellers are testing that area once again currently.

A firm break below that paves the way for the pair to move towards a test of 1.2400 again, with sellers set to eye the 18 March low @ 1.2365.

The loonie is building up steam following the more hawkish BOC yesterday and you can check out Adam’s comprehensive take on that below:

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