USD/CAD (current price: 1.2824)
The Canadian Dollar got stronger compared to its most important counterpart on Monday as the pair fell below the crucial support level of 1.2920. The declining odds of a FED rate-hike this month started the decline on Friday and the strength of oil and other risk assets helped the Loonie in gaining more on the Dollar yesterday. The pair is now back in a long-term declining trend after breaking below the short-term advancing trend-line on Friday.
Our assessment: The cross is trading near another strong support zone that is the last one above the prior low near 1.245, as strong resistance is ahead at 1.2920 and at 1.32.
