USD/CAD (current price: 1.2960)
The Canadian Dollar was the best performing G10 currency on Friday as the better than expected Trade Balance data gave a huge boost to the currency, pushing the pair below 1.30 once again. The rebound in the price of oil and the somewhat negative U.S. releases also had a bearish effect on the cross, as it corrected strongly after two bullish weeks. USD/CAD is still firmly in the long-term trading range between 1.2650 and 1.3250, following the strong decline between February and May.
Our assessment: The pair failed to reach the all-important 1.32 level last week, as it continues to trade without a clear direction inside a neutral range.
