The USD/CAD has come under broad selling pressure today as the dollar weakens on higher risk taking spurring crude prices slightly higher. The pair dropped another 50 pips over the European session, hitting a low near 0.9540 befoe running into apparently firm support and pulling back towards 0.9560 where it remains at time of writing.
While still overall bearish, if the USD/CAD breaks lower in the coming hours further critical levels past previously mentioned support are listed at 0.9527 (Daily Low Jul 18), 0.9513 (Daily Low May 11) and 0.9505 (Daily Low May 4). Above, resistance is placed at 0.9635 (Daily High Jul 18), 0.9667 (21-Day MA) and 0.9668 (July 13 High).
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