US Dollar's recovery from 0.9950 low on Monday was capped yesterday at 1.0213 high, and the par collapsed on the back of Bank of Canada's swing towards a more hawkish monetary policy, dropping below parity to extend lower on Asian session and reach a fresh 22-month low at 0.9925.
For the coming sessions, Rajoo C, technical analyst at Precise Trader expects the pair's downside to be limited: "The Hourly Trend has been in a Range Trading with a Limited Downside Bias, 10015- 45 are the Critical levels to watch to maintain the Bearish Outlook."
On the downside, support levels, according to Rajoo C, lie at 0.9900, 0.9830 and 0.9760. Resistance levels are 1.0030, 1.0100 and 1.0170.