The U.S dollar has moved to its lowest trading level against the Canadian dollar in over eight-weeks, as commodity related currencies continue to break higher. The USDCAD has so far found intraday support just above the 1.2600 level, but risks further heavy losses after breaking the two-month trading range in the pair. Going forward, the 1.2623 level remains key, with sellers firmly in control while price-action holds below this major technical level. Moving into the U.S session, USDCAD traders will likely focus on rising WTI Oil prices and falling U.S treasury-bond yields.
The USDCAD pair remains strongly bearish while trading below the 1.2623 level, further losses towards the 1.2579 and 1.2535 levels appear possible.
Should the USDCAD pair move above the 1.2623 level, buyers may attempt to push price-action back towards the 1.2672 and 1.2710 resistance areas.
