USD/CAD Sidelined Below 1.3100, ADP Eyed
USD/CAD is posting moderate losses around the 1.3060 area on Wednesday ahead of the key US ADP report.
USD/CAD lower post-Yellen
Spot has come under renewed selling pressure in response to the dovish speech by Chief J.Yellen at the Economic Club of New York on Tuesday. Yellen has once again emphasized the gradual path of future rate increases, showing at the same time heightened concerns over the economic developments overseas.
In the meantime, the greenback will remain at the centre of the debate today in light of the release of the ADP report in the US economy, with consensus seeing the private sector to have added 194K jobs during March.
USD/CAD significant levels
As of writing the pair is losing 0.10% at 1.3060 and a breakdown of 1.2919 (2016 low Mar.18) would expose 1.2827 (monthly low Oct.15 2015) and finally 1.2124 (monthly low Jun.16). On the flip side, the next hurdle lines up at 1.3204 (20-day sma) followed by 1.3368 (200-day sma) and then 1.3596 (38.2% Fibo of 1.4692-1.2919).
(Market News Provided by FXstreet)