USD/CAD (current price: 1.3015)
The Canadian Dollar was pushed around by multiple releases yesterday, both domestically and internationally. The pair had a volatile session as it traded around the strong support/resistance zone between 1.30 and 1.3015. The Canadian GDP came in at 0.1%, equaling the consensus estimate, while the U.S. releases were mostly on the positive side, sending the pair higher. The decline in oil also helped the USD compared to the Loonie.
Our assessment: The pair still trades in a range between 1.265 and 1.32, even after the Brexit that had no material effect on it. Commodities, especially oil, will likely stay the most important factors for the cross in the near future.
