USD/CAD (current price: 1.2732)
The Canadian Dollar lost some ground on the USD yesterday following a strong move by the pair to the downside. The pair is also up slightly today in early trading following a negative day in oil and a bounce in the value of the U.S. Dollar. The cross experienced four declining days before yesterday’s session that took it more than 400 pips lower following the U.S. Employment Report on Friday. Strong resistance is ahead at 1.2820 and at 1.2925 with the previous low being just two percents away near 1.2450.
Our assessment: USD/CAD is likely to continue yesterday correction, but next week’s direction might be determined by today’s Canadian Jobs Report.
