USD/CAD briefly traded above 1.3250 on July 27th. At that point it looked like it was going to extend the breakout towards 1.35 but it didn't happen. Recently, the Canadian dollar seems to rally more when the oil rises than it sells off when the oil falls.
Recovering oil and GBP/CAD selling were the main USD/CAD drivers in yesterday's trading in which the pair touched below 1.30 for the first time in three weeks. Some decent support is expected in 1.2950 - 1.30 band, which is hosting both 50 DMA and 100 DMA.
Recovering oil and GBP/CAD selling were the main USD/CAD drivers in yesterday's trading in which the pair touched below 1.30 for the first time in three weeks. Some decent support is expected in 1.2950 - 1.30 band, which is hosting both 50 DMA and 100 DMA.
