USD/CAD – On the Defensive, 1.3450 Supports, 1.3700 Resists

The Canadian Loonie also benefited from the rise in risk appetite, USD/CAD falling in early Asia to a low at 1.3532 so far from its 1.3570 close in New York. Overnight low in USD/CAD was limited to 1.35462. The Fed announcement of fresh bond buying saw broad-based US Dollar selling, which included the USD/CAD pair. Despite lower than forecast Canadian Manufacturing Sales, which kept the USD/CAD steady first up in New York, the Loonie lifted against the Greenback.

Intraday USDCAD Chart - 16 June 2020
Intraday USD/CAD Chart – 16 June 2020

USD/CAD has immediate support at 1.3530 followed by 1.3500 and 1.3470. Immediate support can be found at 1.3580 followed by 1.3620 and 1.3680. Expect a highly volatile trading day for the USD/CAD pair. Likely range 1.3500-1.3700, prefer to buy dips from near current levels.

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