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9 Dec 2014
USD/CAD finds support below 1.1400
FXStreet (Córdoba) - USD/CAD retreated further and briefly dropped below the 1.14 mark for first time since Friday, as the greenback remains on the back foot across the board.
USD/CAD had reached a 5-year high of 1.1500 during the Asian session, but failed to hold at that level and completely surrendered weekly gains to hit a low of 1.1396 as oil prices recover and the greenback underperforms. At time of writing, USD/CAD is trading at 1.1425, 0.45% below its opening price.
USD/CAD technical outlook
“USD/CAD price signals turn bearish on the daily chart but we do not think losses can or will extend significantly from here”, said the TD Securities team.
USD/CAD had reached a 5-year high of 1.1500 during the Asian session, but failed to hold at that level and completely surrendered weekly gains to hit a low of 1.1396 as oil prices recover and the greenback underperforms. At time of writing, USD/CAD is trading at 1.1425, 0.45% below its opening price.
USD/CAD technical outlook
“USD/CAD price signals turn bearish on the daily chart but we do not think losses can or will extend significantly from here”, said the TD Securities team.