The pair has been making lower highs in the four-hour chart. The pair made multi-lows between 1.1978 and 1.1940, which was broken yesterday. A new low was pointed to 1.1929. At yesterday's session, we expected the price to move towards 1.1900, 1.1870, and even1.1800 in case a closure below 1.1940. The support is found at 1.1870 and 1.175020Dema. We have been recommending selling with sl 1.2350 with a target at 1.1870. The strong resistance is seen at 1.2350. Bears have the upper hand in the medium term. For last 16 hours, the pair has been testing lower levels, not a good sign for bulls. Intraday resistance is seen at 1.2025 and 1.2065. Strong momentum is expected above 1.2070 towards 1.2110 and 1.2140. Ahead of unemployment data, USD is trading higher against CAD.
The material has been provided by InstaForex Company – www.instaforex.com