Dollar/CAD had a busy week, falling initially but regaining some ground later on. The upcoming week features inflation and retail sales numbers. What is the next move for the pair? Here are the highlights and an updated technical analysis for USD/CAD.
The Canadian dollar was at the mercy of oil prices, which initially dropped but later recovered. The US dollar had more twists and turns to its trading, with an initial surge followed by a crash and a later recovery. The Canadian ADP reports showed a gain of over 10,000 jobs, better than the official report.
Updates:
USD/CAD daily graph with support and resistance lines on it. Click to enlarge:
* All times are GMT
USD/CAD Technical Analysis
Dollar/CAD dropped towards the 1.2435 level, discussed last week, before bouncing back up.
Technical lines from top to bottom:
1.2790 was the high in mid-November and serves as resistance. 1.2665 was a was a double-bottom in November and works as strong support.
It is followed by 1.26, a round number that worked as resistance in October. 1.2540 capped the pair in early October when it traded in a narrow range.
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