CAD: Break of 1.3200-1.3230 could spur a move toward 1.30 - BBH

Sandeep Kanihama FXStreet Contributor

Research Team at BBH, notes that the Canadian dollar was the best performing major currency last week (+1.7%) after the Norwegian krone (1.8%).

Key Quotes

“Two fundamental considerations were at work. First is the 11.6% rally in oil price following OPEC's announcement. Second is the seven basis point narrowing of the Canadian discount to the US on the two-year money. The US dollar fell to CAD1.3255 before the weekend, a two-month low.”

“The five and 20-day moving averages crossed for the first time since late October. Technical factors warn of the risk of additional near-term US dollar losses, though it closed near its lower Bollinger Band (~CAD1.3290). A break of CAD1.3200-CAD1.3230 could spur a move toward CAD1.30. The Bank of Canada meets next week, but policy is on steadfastly on hold.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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