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Free AccessUSD/CAD has shed 14 pips and last.....>
DOLLAR-CANADA: USD/CAD has shed 14 pips and last trades at C$1.3178 as WTI
prices have advanced further, while the greenback remains fragile.
- The pair slumped 88 pips yesterday, as post-FOMC USD selloff & the biggest
spike in WTI prices this year conspired against USD/CAD.
- Crude oil was pushed higher by U.S.-Iran tensions, which escalated after
Teheran's military shot down a U.S. drone. The event triggered worries re: crude
supply through the strategic Strait of Hormuz.
- Elsewhere, Canadian PM Trudeau met with U.S. President Trump in Washington.
The two leaders discussed topics ranging from collective mineral security to
Canadian citizens detained by China to the USMCA trade deal.
- Should USD/CAD move below the lower 1.0% 10-DMA envelope at C$1.3175 and the
lower Bollinger band (2%) at C$1.3167, bears would set their sights on the
200-WMA, which comes in at C$1.3121. Meanwhile, a return onto the C$1.3200
handle would give bulls a green light for challenging the 200-DMA, located just
shy of yesterday's high of C$1.3286.
- On the data front, Canadian retail sales data is expected later today.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.