Monday, November 14, 2016

Canadian dollar remains under pressure on Monday

The Canadian dollar remains under pressure on Monday. In the North American session, USD/CAD is trading at the 1.3540. On the release front, it’s a very quiet start to the week, there are no Canadian or US events on the schedule.  On Tuesday, the US will release retail sales reports.•USD/CAD posted gains in the Asian session and has shown limited movement in European trade
•1.3457 is providing strong support
•1.3551 is a fluid line. Currently, it is a weak resistance line
Further levels in both directions:
•Below: 1.3457, 1.3371, 1.3253 and 1.3120
•Above: 1.3551, 1.3648 and 1.3782
•Current range: 1.3457 to 1.3551
USD/CAD ratio has shown gains in long positions. Currently, short positions command a strong majority (64%), indicative of trader bias towards USD/CAD reversing directions and moving to lower ground.