09.10 - USD/CAD faces double whammy and hits two-week lows
- by George Solotarov
The USD/CAD pair extends its downside consolidative mode near two-week lows below 1.3200, mainly weighed down by the persistent downbeat mood around the US dollar when compared to its major rivals. The recent downtrend in the greenback is mainly tied to the market optimism on the US fiscal stimulus hopes, as the Republican and Democratic policymakers agree on a final push to reach a comprehensive aid package after President Donald Trump abruptly abandoned talks earlier this week.
a clear break below 1.3170/65 key support will make the pair vulnerable to challenge the September month bottom close to 1.2995. It’s should be noted that there are multiple barriers around the 1.3100 threshold during the downside between 1.3165 and 1.2995. Meanwhile, the early September high near 1.3260 can offer immediate resistance to the pair ahead of a downward sloping trend line from September 30, at 1.3306 now.