USDCAD Analysis: Gains on weak Canadian Dollar

Dukascopy Bank Team Dukascopy Bank SA

The US Dollar has continued to surge against the Canadian Dollar for the past few days. On Friday, it was noticed that the surged occurred in a pronounced manner after the data released of the Canadian CPI and Core Retail Sales.

The USD/CAD exchange rate gained 71 base point or 0.56% and continue fluctuating in the 1.28 regions. The Statistics simultaneously released seven data sets, where Consumer price index came in line with economists expectations of 0.3%.

Everything being equal, the currency exchange rate is likely to continue moving in an ascending channel until it breakout from a significant resistance level at 1.2921 during the following trading sessions.

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Dukascopy Bank Team

Dukascopy Bank SA

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