The USD/CAD pair attracts sellers for the third straight day and remains depressed below the 1.3500 psychological mark, or the weekly low through the early European session on Friday.
USD/CAD retests the weekly low on Friday and is pressured by a combination of factors. Fed rate cut bets weighs on the USD, while an uptick in Oil prices underpins the Loonie. The downside remains cushioned ahead of the monthly jobs data from the US and Canada. The US Dollar selling bias remains unabated in the wake of bets for a larger interest rate cut by the Fed eral Reserve in September.
The USD/CAD pair might then accelerate the slide towards the multi-month trough, around the 1.3440 area touched last week before eventually dropping to the March monthly swing low, around the 1.3420 region. The downward trajectory could extend further towards the 1.3400 mark en route to the next relevant support near the 1.3365-1.3360 zone. On the flip side, the overnight swing high, around the 1.3525 region, could cap any attempted recovery ahead of the 1.3565 area, or the weekly peak.
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