USD/CAD (current price: 1.3547)
The Canadian Dollar is still under pressure from falling oil prices. WTI Crude fell by more than 3.5% on Friday. The huge drop in the price of precious metals also hurt the commodity currency during the session. The pair closed above the 1.35 level for the first time since February following three bullish days after the election. The Federal Reserve is expected to raise interest rates in December, although the surprising result might lead to further delays.
Our assessment: The pair is trading in a clear short-term uptrend. The recent rally in stocks might help the Canadian Dollar in the coming weeks.
