USD/CAD falls further to 1.3160

The greenback is extending its daily decline today, now relegating USD/CAD to the lower end of the range near 1.3160.

USD/CAD weaker ahead of Yellen

Spot has retreated to multi-day lows in the 1.3165/60 band as the US dollar has reverted its initial positive note. Furthermore, the pair is coming down from daily peaks near 1.3220 posted earlier in the European morning, all amidst a prevailing risk-on sentiment and declining crude oil prices.

USD will take centre stage later in the NA session in light of the speech by Chairwoman J.Yellen, with market consensus pointing to a cautious tone despite recent hawkish bias by Fed members.

USD/CAD significant levels

As of writing the pair is down 0.15% at 1.3167 facing the next support at 1.2919 (2016 low Mar.18) ahead of 1.2827 (monthly low Oct.15 2015) and finally 1.2124 (monthly low Jun.16). On the flip side, a breakout of 1.3221 (20-day sma) would open the door to 1.3370 (200-day sma) and then 1.3596 (38.2% Fibo of 1.4692-1.2919).

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