After reaching intra-day high at 1.1825, the USD/CAD has fallen around 110 pips to reach intra-day low at 1.1715 in the early American session. Currently the pair is trading around 1.1730/40 after losing its initial gains and be 0.26% down from todays opening price.
"USD/CAD is in an downtrend directed by 1H exponential moving averages. USD CAD is in a consolidation after the last bearish movement. The volatility is low. Bollinger bands are flat. ForexTrend 4H (Mataf Trend Indicator) is in a bearish configuration. The price should find a resistance below 1,1810 (73 pips). The downtrend should continue to gather momentum. Resistances: 1,1810 - 1,1860. Supports: 1,1720 - 1,1680.
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