USD/CAD (current price: 1.2925)
The Canadian Dollar was among the most traded currencies on Friday, and the Loonie continued to decline today in early trading after the negative releases that came out on the last session of the week. The currency is also affected by the negative early movements of all of the major commodities, especially the correction in oil. Canadian Retail Sales unexpectedly declined by -0.8%, while the Core CPI was also in negative territory, signaling slower growth in the country.
Our assessment: USD/CAD rebounded strongly after trading as low as 1.2750 last week, and it is now back near the crucial 1.30 support/resistance zone, with further possible upside in the coming days.
