Today was an important day for CAD as Annual Budget report was released today with some positive policies to be taken for the betterment of the country. Along with the important CAD event, today USD had Unemployment Claims report which showed an increase at 258k which was expected to be at 240k, an increase in the New Home Sales report at 592k which was expected to be at 566k and FED Chair Yellen is also currently speaking about the interest rates today. So, overall a good number of volatility has already hit the currency pair but with negative high-impact report like Unemployment claims and confused rate hike decisions USD is currently getting dominated by CAD and it is expected that the price will continue falling downwards soon.
Now let us look at the technical view, the price has broken below the channel support with a huge impulsive bearish pressure and we have also seen corrective retest structure heading towards the channel for rejection. Currently the price is just below the resistance of 1.3372 and as the price remains below this resistance area it is expected that the price will move downward towards 1.3220 support level.
