USD/CAD (current price: 1.3068)
The Canadian Dollar continued to trade among the strongest majors following two bullish sessions, as last week’s Bank of Canada monetary statement still helps the currency. The decline in commodities wasn’t enough to stop the rise in the Loonie. The pair fell below the 1.3165 level on Wednesday, and it’s getting closer to the psychologically important 1.30 zone once again. Traders will likely focus on the next major move in oil besides the moves by the new U.S. President in the coming weeks.
Our assessment: The pair is still trading in a neutral long-term range. The recent relative strength might signal the re-test of the 1.28 support in the coming weeks.
