USD/CAD Update – 06/07/2017 (11:00am) – by Arjun Lakhanpal

July 6, 2017 by

USD/CAD – 06/07/2017 (11:00am): Last week’s breakdown from the short term range lows and extension below the important 1.3165 support area maintain the overall downside risks and presents an important test at the next line of important support levels. We are now below the critcal 1.2969 support area which includes the February/October lows. A sustained break would suggest a deeper retracement is underway with risk into the 1.2765/1.2655 zone. Again, a push back above the 1.3385/1.3425 resistance area is now necessary to offer a better short term tone and potential for an extension back to the May peak.