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FxWirePro: USD/CAD edges lower from session highs at 1.3016, strong support seen at 1.2934

  • Dovish shift in Fed expectations post PBOC weighed on USD Wednesday

  • USD broadly stronger today after PBOC's Yi Gang comments on the yuan returned risk-on in the markets

  • USD/CAD rebounded from yesterday's 1.2952 base, touched session highs at 1.3016 before edging slightly lower to 1.3004

  • Strong support is seen by Kijun-Sen at 1.2934, while 1.3040  21 DMA is the next immediate hurdle

  • Canadian new house price index and US retail sales data due later in the day will provide further direction to the pair

Resistance Levels:

R1: 1.3040 (21 DMA)

R2: 1.3083 (Tenkan-Sen)

R3: 1.3158 (Daily High Aug 12)

Support Levels:

S1: 1.2952 (Daily low Aug 12)

S2: 1.2944  (Daily Low Jul 30)

S3: 1.2934 (Kijun-Sen)

  • Market Data
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