USD/CAD retests the demand zone [Video]
|The USD/CAD pair extended its drop today as the USD took a hit from the US economic figures. The NFP, Average Hourly Earnings, Unemployment Rate, Final Services PMI, and ISM Services PMI came in worse than expected. The price remains under strong downside pressure even if the Canadian Unemployment Rate and Employment Change disappointed as well. The USD could lose more ground versus its rivals if the DXY extends its drop.
Technically, the USD/CAD pair dropped within a down channel pattern. Now, it has reached the demand zone from above 1.3661 historical level. A bullish pattern above this critical support could announce a bounce back.
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