USD/CAD rises further above 1.3500 on data and crude oil slide
|The Canadian dollar is among the worst performers on Friday, weakened after CPI data from Canada and a sharp decline in crude oil prices. USD/CAD broke above 1.3500 and climbed to 1.3523, hitting a 1-month high. Currently, it is hovering around 1.3510/15, up 45 pips for the day so far.
The WTI barrel fell below $50.00 and is down more than 2%, weakening the demand for the Loonie. Earlier, the currency fell after the release of inflation data from Canada. The CPI rose 0.2% in March below the 0.4% expected. The annual rate fell to 1.6%.
A strong week
The recent rally added to weekly gains. The pair is having the best weekly performance since February and is headed to the highest close since December. A close above 1.3500 could be significant from a technical perspective, giving some support for an extension to the US dollar.
Since early March all weekly closes have been between 1.3300 and 1.3400 pointing to some consolidation on top of the 20-SMA, that stands at 1.3310. The next main challenged to the bullish perspective is the test of Q4 highs, located below 1.3600.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.