USD/CAD (current price: 1.3485)
Quarterly Corporate Profits were up by 14% in Canada, following the previous decline of -3.4% as the price of the major commodities was stable. The pair traded in a relatively narrow range yesterday, thanks to the low trading volumes in North America. The Canadian Dollar held up well compared to the USD again, despite the relatively bad day for precious metals and oil. The widely watched 1.35 level might remain in the focus in the coming days, especially if the uptrend in oil continues.
Our assessment: USD/CAD is still neutral regarding the short-term trend. The ongoing broad Dollar rally might push the pair above the 1.35 level, although the CAD remains relatively strong.
