USD/CAD (current price: 1.3150)
The Canadian Dollar is still stuck below the 1.32 resistance before today’s key GDP data. The decline of oil pushed the pair close to the long-standing resistance line, but the favorable global sentiment environment protected the Loonie from a break-out until now. The pair might continue higher next week, especially if the strong rally in global stocks comes to an end following the BOJ announcement, and today’s crucial releases.
Our assessment: USD/CAD is still trading in a broad neutral range, but the 200-day MA just above the current rate at 1.3325. The pair exited a triangle consolidation last week but the 1.32 resistance is still intact.
