USD/CAD trading at 1.30 again on the Daily Chart

usd-cadUSD/CAD (current price: 1.3010)

The Canadian Dollar erased almost all of its gains compared to its most important counterpart yesterday, despite rising on every day last week. The weakness in oil weighed heavily on the currency and pushed the pair back to the crucial 1.30 level, although precious metals were strong yesterday, and gold surged to a new high today in early trading. The pair will likely test the upper boundary of the current consolidation pattern near 1.31 if sentiment remains negative, as the still declining 200-day MA provides longer-term target around 1.33.

Our assessment: The outlook for the pair looks more bullish now, as oil is possibly entering a deeper correction and risk assets are under pressure thanks to intensifying global economic worries.

                               6Jul2

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