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USD/CAD Resistance Turned Support (July 12, 2013)
The disappointing FOMC meeting minutes triggered a sharp selloff for USD/CAD, pushing it below the 1.0500 handle and down to the 1.0350 area.
Stochastic is already in the oversold region, suggesting that a potential bounce could take place soon.
The pair is currently stalling around the 50% Fibonacci retracement level, which is in line with a former resistance area.
There are no reports due from Canada today, but the US is set to print its PPI data and UoM consumer sentiment report. Stronger than expected figures could remind traders that the Fed is still relatively one of the more hawkish central banks, which could renew demand for the US dollar.
By Kate Curtis from Trader's Way
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