USD/CAD at Its Low Point Again

The US dollar is having a bad month this August as the currency is seemingly experiencing great difficulties while trying to preserve its top spot in the currency market. The USD/CAD reached a low today below 1.2450 and is now trading slightly higher at 1.2453.

The strong support zone at 1.2450 has been broken several times and now the pair looks more likely than not to pursue levels around 1.2350-1.2300. If that is the case then the long-term support can be expected to hold the bears at the level of 1.2350.

If not, then bears would have the advantage and go below the support with first target at 1.2300, second at 1.1940 and third at 1.06 as a major support zone.

No news are expected today and we can enjoy a calm and non-volatile start of the last week of August.

Chart: USD/CAD D1