USD/CAD (current price: 1.3030)
The Canadian Dollar lost ground compared to the USD despite the relative stability of commodities, and the pair got back above the all-important 1.3015 level yesterday. The Loonie declined against the U.S Dollar in late trading after the neutral U.S. economic releases, as investors continue to think that the Fed is more likely to hike interest rates than the Bank of Canada in the coming months, especially following Friday’s announcement, although Friday’s U.S. Employment Report might remain in the center of attention.
Our assessment: USD/CAD is back to the all-important 1.30 support/resistance level that has been defining trading for multiple months now, with strong overhead resistance still found at 1.32.
