USDCAD touches one-month high

USDCAD touches one-month high

USD-CAD

  • Buz Traders USDCAD one-month high The pair is trading at 1.3096 at 09:40 GMT this morning, with the USD trading 0.45% higher against CAD from the New York close.
  •   The pair traded at a high of 1.3107 and a low of 1.3025 this morning. The US Dollar declined against the Canadian Dollar in the New York session yesterday
  • closing 0.53% lower at 1.3037. The pair is expected to its find support at 1.3040 and its first resistance at 1.3138.

USDCAD one-month high IEA warns on oil glut

USDCAD one-month high

USDCAD one-month high The Canadian dollar is under broad pressure as oil prices slide. WTI crude is down 93-cents to $45.38. The decline came after the International Energy Agency warned that oil surplus will persist into 2017, partly due to declining demand in China and India.

However crude is still in the top-half of its recent range.

Not so for the Canadian dollar as it trades at the worst level since Aug 8.

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In USD/CAD terms, it’s the fifth consecutive day of gains for the pair and it’s now threatening the August and July highs. The dovish comments from the Fed haven’t resulted in USD declines.

Technically, there’s a bit of a range trade ongoing. We’ve been locked in the 1.27-1.32 range since May. It’s going to take some kind of surprise from the BOC, the Fed or the oil market to get it moving again.

the most notable focus is on USD/CAD and EUR/CAD. Both pairs favor upside given the fundamental and technical development in September. One helpful component of the Canadian Economy has been their exposure to Emerging Markets and how exports were expected to help Canada come out of its economic slump that is shown through the Citi Economic Surprise Index for Canada that is showing its worst rating since January when USD/CAD was trading in the mid-1.4000s.

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Jadtecnic

Richard Dambrosi (JADTECNIC) Has Been Sharing FOREX INVESTORS ANALYSIS FORECAST since 2011. Editors and Founder of InvestorsBuz.com, has a passion for Forex Social Sharing analysis and Market Trends Such as Self Driving Cars, Electric Cars, Medical Marijuana, 3d printing and Cloud computing, Refers to Readers as BUZ INVESTORS.

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