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Apr 26 - 01:55 PM

USD/CAD - Slide Gains Momentum After Early Oil Weakness Reversed

By Paul Spirgel  —  Apr 26 - 01:20 PM
  • USD/CAD soft into NY afternoon, -0.54% at 1.2408; Mon range 1.2488-1.2385

  • Oil reverses early losses now +0.05% CLc1, mkt eyes dovish Fed hold Wed

  • Pair below lwr 21d Bolli 1.2443, eyes Mar 18 low 1.2361, then Jan low 1.2250

  • Below the daily cloud base at 1.2539 keeps downside momentum intact

  • Bulls need a rise abv 10-DMA, fmr supt now res, by 1.2514 to slow dip

  • Fed hold amid transitory inflation may be undone by US GDP Thursday EM

CAD Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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