FXStreet – The USD/CAD saw a strong reversal, and he fell from the 1,3745/40 days to more than 70 Pips.
The Pair came under heavy selling pressure after the U.S. CPI was disappointing. The easing in inflationary pressure in the US economy, the expectations for a faster tightening of the Fed monetary policy in the year 2017.
Add to that the lower-than-expected retail sales, which increased the selling pressure.
The subdued mood on the Oil market is beyond the commodity currencies such as the Loonie is a key support and this limited the downward movement. The Pair is showing a correction from the daily low and the trading is currently around 1,3690.
About 1,3700, the next Resistances lie at 1,3715, 1,3750 and on yesterday’s Swing high of 1,3770. On the other hand, supports are located at 1,3670, 1,3650/45 and 1,3615/10.
** FXStreet News Editorial, FXStreet**