USD/CAD derailing below 1.0666 support

FXstreet.com (Chicago) - USD/CAD stays negative retracing 0.32% so far today hours away from the closing of Wall Street and after the publication of mixed US economic results earlier this morning on a rather dull journey.

USD/CAD Technical Levels

Price action reveals the pair continues losing pips extending the bearish channel that started earlier today after the round-trip to the 1.0720 front. Breaking below the immediate support at 1.0666, session lows, the pair faces 1.0619 (December 6th lows) ahead of 1.0571 (December 13th lows) and the resistances set at 1.07 (December 5th highs), 1.0727 (December 18th highs) followed by 1.0780 (December 27th 2009 highs). So far, losses account for 0.32% and yet the weekly performance is positive. In the US, the optimism that triggered the Fed’s decision to start tapering implies the markets are recovering and there are proves of economic improvement – following the supported discourse in the minutes from the last meetings. According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bearish and navigates below the EMA20.