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USD/CAD drops to 14-month low, eyes 1.2625 long-term Fibo level

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USD/CAD trades through the July low of 1.2681 on its way to a 14-month low of 1.2650 as take-profit USD purchases give way to additional sales ahead of the London fix.

Spot falls through 1.2672, a 38.2% retracement level dating back to 2011, and is eyeing 1.2625, the 50% retracement of 1.6193 2002 high and 0.9058 2007 low.

Macros’ take-profit USD purchases after option expiries turn to USD sales Corporates attempt to catch up to the near 7% drop in spot the last two months by selling riskies with downside strikes set near 1.2200.

Additional mid-month USD sales are seen against GBP, helping to send the Bloomberg USD index down 0.6%.

Source: Bloomberg Pro Terminal

Jr Trader Alexander Kumanov


 Varchev Traders

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