USD/CAD - USD/CAD Target Locked at 1.3260! - 12/06/2016 (GMT)

The USD/CAD pair extended its losses as oil prices pushed higher and investors positions for an optimistic monetary policy statement from the Bank of Canada. The commodity currency edged sharply lower during yesterday’s session and plunged more than 1% over the last five days. The price slipped below our recommended target and met a fresh one-and-a-half-month low at 1.3240 (see technical analysis here: http://bit.ly/2gXKKBI). Currently, the pair is moving higher following the bounced off the latter level, near 1.3280, however, a bearish crossover has been observed from the 50-SMA to 200-SMA on the 4-hour chart. RSI lies below 50 level while MACD holds below the zero neutral area and above its trigger line. The next initial target is the 1.3140 support barrier if the price fell below the 1.3240 handle.