The high risk aversion seen in recent days which pressured commodity currencies to weaken across the board has given way, allowing the USD/CAD to drop back towards the 0.9600 mark where it traded around prior to the sell−off. Today the pair has dropped around 60 pips from it's opening price, appearing to find modest support around the technical barrier ahead of the North American session.
If the USD/CAD manages to break past that level, expect further critical levels to present themselves at 0.9564 (Daily Low Jul 8), 0.9524 (21-Day Lower Bolli) and 0.9513 (Daily Low May 11). Above, resistance is placed at 0.9646 (Hourly High Jul 13), 0.9693 (100-Day MA) and 0.9780 (61.8% of 0.9564 -0.9914).
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