USDCAD: Hit with a wall of sellers at 1.40 mark – BBH

By FXStreet FXStreet (Delhi) – Research Team at BBH, notes that the US dollar hit a wall of sellers when it printed CAD1.40 after soft Canadian inflation figures before the weekend.

Key Quotes

“The settlement on the lows warns of further corrective action in the days ahead. A break of CAD1.3820 signals a move back toward CAD1.3730-1.3750. Canada reported poor September data, with GDP and retail sales falling 0.5%. Both are expected to have recovered in October. These reports next week may also favor some backing and filling after the Canadian dollar fell more than 4% against the dollar (before reversing).”
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Source:: FX Street