USD/CAD (current price: 1.3474)
The Canadian Core CPI came in at a monthly rate of 0.2%, below the consensus estimate of 0.3%. The Canadian Dollar was helped by oil on Friday. The price of the commodity turned volatile, but it finished higher on the day. The CAD is holding up against the strong USD, and the currency is higher today in early trading. Precious metals weighed slightly on the Loonie on the last session of the week, but the pair is now back below the key 1.35 level.
Our assessment: USD/CAD couldn’t stay above the crucial resistance level near 1.35 despite the strength of the Dollar. Strong support is found near 1.3385.
