USD/CAD may be about to slump
USD/CAD is trading at the lowest levels since January 7 – the pair touched 1.0715 today. On June 20 the pair breached the 200-day MA after a report showed the nation’s consumer prices rose beyond the Bank of Canada’s target for the first time in more than 2 years (2.3% vs. 2% BOC target).
According to RBS, close below 1.0734 today will make the pair slide to 1.0635 (uptrend support line).
Chart. Daily USD/CAD