The pair have already dropped from just below 1.36, and that is just in one week. But there are some rather important macro data for both Canada and the US tomorrow that can send it either way.
Jan 07 2017 at 14:59
Bullish on the Greenback.
Positivity
I think USD/CAD will go to the 1.34385. The price has stoped on the support level.
Surrealism!
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Surrealism!
Jan 09 2017 at 07:55
The Canadian dollar pulled off an impressive performance on Wednesday trading after it made huge advances against the US dollar and its European rivals as OPEC’s production cut lifted commodity-linked currencies.
The Organization of Petroleum exporting Countries and other non-OPEC members including Russia began cutting their oil production last January 1, 2017 which immediately resulted to a surge on oil prices and oil-related currencies including the Canadian dollar.
On Wednesday, the international benchmark, Brent futures, settled up 1.8%, adding $1.02 dollars at %56.49 per barrel while the West Texas Intermediate added 93 cents at $53.26 per barrel.
The Canadian dollar cheered on this oil rally, helping the Lonnie shrugged off the recent US economic figures that showed an expansion on its manufacturing activity last month, and finished up 0.70 cents, 0.9% higher against its US counterpart at 75.14 cents.
For full articles, read : https://www.funds-money.com/canadian-dollar-post-strong-gains-usd/
The Organization of Petroleum exporting Countries and other non-OPEC members including Russia began cutting their oil production last January 1, 2017 which immediately resulted to a surge on oil prices and oil-related currencies including the Canadian dollar.
On Wednesday, the international benchmark, Brent futures, settled up 1.8%, adding $1.02 dollars at %56.49 per barrel while the West Texas Intermediate added 93 cents at $53.26 per barrel.
The Canadian dollar cheered on this oil rally, helping the Lonnie shrugged off the recent US economic figures that showed an expansion on its manufacturing activity last month, and finished up 0.70 cents, 0.9% higher against its US counterpart at 75.14 cents.
For full articles, read : https://www.funds-money.com/canadian-dollar-post-strong-gains-usd/
Oil appear to have started its down turn. Should impact the CAD as well.
USD/CAD is consolidating above the support zone between 1.3175 - 1.3200. I think if it breaks out below that zone it will reach 1.3120 - 1.3100.
USD/CAD finally broke below 1.3170 and it's still falling. I think the closest target is at 1.2960.
Jan 13 2017 at 16:20
Consolidation continues.
Positivity
