USD/CAD (current price: 1.3085)
The Canadian Dollar continued to fall yesterday as the currency tracked commodities lower yet again, pushing the pair towards the all-important 1.32 resistance together with the broad Dollar rally. Today’s Canadian GDP release might change the short-term trend of the cross, but Friday’s session could be the more important for the coming weeks, as U.S. interest rate expectations might have the biggest impact on USD/CAD besides the price of commodities.
Our assessment: USD/CAD declined for the third session in arrow, and it’s now close to the upper boundary of the long-term trading range, as well as the 200-day MA at 1.3285.
