ALB Limited 11.05.2020
USD/CAD: Dollar Strengthens
DAILY BRIEF— USD/CAD started the week with a bullish bias. After last week’s softer end, it looks to have found support near the lows 1.3855. So a possible reversal might be a good outlook. All major currency pairs are in a range-bound market in recent weeks & so is USDCAD. The higher range is at 1.4250 & the lower is at 1.3850.As it stands, a successful hold above the level could see USD/CAD rebound somewhat, but a series of topside barriers will look to keep gains contained. These levels look to exist around 1.4013 and 1.4069, but likely lack serious influence in the broader trend and may only influence the price on an intraday basis.
Traders should view a break beneath support at 1.3855 as a bearish development for the pair that could open the door for further losses and potentially see USD/CAD test subsequent support around the 1.38 handle.
