USD/CAD reverses and falls to 1.0950

FXStreet (Córdoba) - The USD/CAD rose at the beginning of the American Session to 1.0989, reaching a fresh daily high but then weakened and reversed sharply falling to 1.0951, hitting a new daily low.

Technical outlook for the USD/CAD

Despite moving from a daily high to a low in a few hours, the short term bias in unclear and continues to favor sideways moves. Since last Wednesday the USD/CAD operates with support above 1.0940/50 and resistance below 1.1000.

In the long term, the trend still favor the upside but since March it's moving to the downside, with a corrective bias, that so far has found support at 1.0850.