USD/CAD still in a neutral long-term range on the Daily Chart

forex-news-usd_dollarUSD/CAD (current price: 1.2870)

The Canadian Dollar had three bullish days in a row as the rebound in the price of oil and the worse than expected U.S. ISM Non-Manufacturing PMI helped the currency against the USD. Oil continued to support the Loonie, but the pair still turned higher yesterday, as the Canadian PMI also disappointed traders and the BOC released a more dovish than expected monetary statement. The central bank left its benchmark rate unchanged at 0.5%, as it still sees “elevated” international risk levels.

Our assessment: USD/CAD is still trading around the all-important 1.30-1.3015 support/resistance zone, and the coming weeks might decide on the long-term direction of the pair, especially if the FED surprises the market with a rate hike.

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