USD/CAD (current price: 1.3130)
The pair traded near its two-month lows yesterday, slightly dipping below Monday’s minimum level in early trading. The Canadian Dollar has been very strong even compared to the U.S. Dollar since the OPEC supply-cut agreement. The currency also remained bullish despite the correction in oil last week. The long-term picture remains neutral for the cross, as it fell back below the all-important 1.35 level towards the end of November. The pair is now trading close to its flat 200-day Moving Average that is found at 1.3075 currently.
Our assessment: The pair remains under pressure since the OPEC decision. Strong support is found near 1.3015, while resistance is ahead at 1.3185.
