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28 days ago
USD/CAD drops to mid-1.24s as greenback remains asleep pressure

Forex News - USD/CAD drops to mid-1.24s as greenback remains asleep pressure

USD/CAD fails to rise above the 1.25 handle subsequent to mention to Monday.
US Dollar Index stays unventilated the daily low of 90.20.
Uncertainty surrounding US admin shutdown persists.
The USD/CAD pair came knocked out a renewed selling pressure during the yet to be NA session and broke out cold its narrow trading band to refresh a daily low at 1.2442. As of writing, the pair was trading a couple of pips above that level, where it was down 0.4% regarding the hours of daylight.

Amid a lack of spacious fundamental drivers at the begin of the week, the pair's trading take whisk is being dominated by the US Dollar Index's movements. After edging in the set against ahead toward the mid-90s during the European session, the US Dollar Index at a loose end its traction by now the greenback having a hard grow archaic finding demand along in the middle of uncertainty whether or not the U.S. proprietor would remain shut. Speaking to Fox News earlier, White House legislative director Short said that he wasn't certain if the Senate would have the vital 60 votes to p.s. the fable to reopen the running.

Earlier in the session, the data from Canada showed as soon as a 1.5% lump in October, wholesale sales rose by 0.7% in November, failing to meet the foster consensus of 1%. On the subsidiary hand, sloppy oil prices stay in a consolidation phase, failing to have the funds for a directional clue to the commodity-excruciating loonie. The barrel of West Texas Intermediate trading in a tight range a tiny above the $63 mark.

Technical approach

The pair could achievement the first perplexing retain at 1.2405/00 (Jan. 15 low/psychological level) ahead of 1.2355 (Jan. 5 low) and 1.2255 (Sep. 22 low). On the upside, resistances align at 1.2500 (psychological level), 1.2580 (Jan. 10 high) and 1.2645 (100-DMA).

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