CAD : To Support Level

(Fri, 6 Nov 2020). USD/CAD underwent a significant reversal this week, slipping from 1.3369 to 1.3035. With risk appetite raging, the Canadian Dollar may look to press its advantage if support near the 1.3035 and 1.2933 can be broken.

USD/CAD, like many markets this week, has been subjected to immense volatility. Weathering an election and a FOMC rate decision, the pair has been battered down, falling from 1.3369 on November 2 to the 1.3035 area headed into the weekend. Now that much of the event risk has passed, will USD/CAD extend lower?

Should USD/CAD break the level, secondary and tertiary support is not immediately clear. An initial area of buoyancy may reside at the September swing low, just near 1.2993. Beyond that, tertiary support may rest around the 1.2950 level.

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