Will CAD remain strong?
The Canadian Dollar continues its recent out performance against the US dollar and is currently pressing down on a noted support zone. USD/CAD has turned lower after hitting a four-month high last week, helped by a small rally in the price of oil off its multi-month low. The price of oil however will remain under downside pressure, as investors fear that hit to the global economy from the coronavirus. A Chinese flu-like virus.
Looking ahead this week, USD/CAD traders should be aware of two important data events on Wednesday with the latest Canadian inflation data released, while later in the day the FOMC minutes will be released.
This move lower highlights the current weakness in the pair although the CCI indicator does not fully confirm this. A break below the support-zone could see the pair fall back to the 200-day moving average
Looking ahead this week, USD/CAD traders should be aware of two important data events on Wednesday with the latest Canadian inflation data released, while later in the day the FOMC minutes will be released.
This move lower highlights the current weakness in the pair although the CCI indicator does not fully confirm this. A break below the support-zone could see the pair fall back to the 200-day moving average
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