USD/CAD (current price: 1.3455)
The Canadian Dollar has been holding up well this week, despite the strength of the Dollar and the relative weakness of oil. The strong bounce in the price of the crucial commodity helped the Loonie yesterday, pushing the pair significantly lower. WTI Crude advanced by more than 5.5% on Tuesday and the rally in precious metals also helped the currency. The pair is now below the crucial 1.35 level again this morning, despite trading just below 1.36 earlier this week.
Our assessment: USD/CAD is still inside an advancing trend channel following yesterday’s correction. Strong support levels are found near 1.3425 and 1.3315.
