The Canadian dollar finds support from hotter-than-expected inflation. The US counterpart remained under pressure after it failed to hold onto 1.2500.
The RSI’s repeatedly oversold situation has attracted some buying interest. But timid rebounds have rather been opportunities for trend-followers to sell into strength.
1.2570 is a key resistance to lift if the bulls look for another chance. On the downside, a drop below 1.2450 would trigger a new round of sell-off towards the daily support at 1.2390.
