USD/CAD (current price: 1.3054)
The Canadian Dollar proved to be the strongest currency of the day, as the surge in the price of oil helped it the most, despite the bearish day in precious metals and the better than expected U.S. releases. The USD turned lower near the all-important 1.32 resistance once again, leaving the long-term trading range intact. The economic performance of the two countries is still similar, and the changes in the price of the most important export product of Canada continue to drive the movements in the pair.
Our assessment: USD/CAD is probably headed back inside the long-standing trading range after several break-out attempts recently, as the choppy trading in oil continues to cause volatile conditions.
