At time of writing the US dollar to Canadian dollar exchange rate is slightly below the day's opening levels, trading at 1.31112.
The British currency has however fared notably worse (-0.73pct) against its Canadian peer, with the GBP/CAD conversion at 1.68723 today.
So where do leading FX strategists see the USD/CAD in the near-term? Eric Theoret of Scotiabank says:
"Momentum signals are neutral, the ADX is trendless at 12, and USDCAD has pulled back to support around the 50 day MA (1.3052). Near-term resistance is expected at the 200 day MA (1.3224) and a pair of consecutive monthly doji’s for August and September hint to considerable congestion around 1.31."The loonie had favorable news on both the crude oil front and the July GDP numbers, which beat market expectations.
OPEC gives a boost to oil prices
The OPEC meeting in Algiers has given the oil bulls a ray of hope, because, for the first time in eight years, OPEC has agreed to freeze production, abandoning its recent strategy of gaining market share.
Oil promptly received a boost and is closing on the overhead resistances.
Read more - https://www.goldcruderesearch.com/
The British currency has however fared notably worse (-0.73pct) against its Canadian peer, with the GBP/CAD conversion at 1.68723 today.
So where do leading FX strategists see the USD/CAD in the near-term? Eric Theoret of Scotiabank says:
"Momentum signals are neutral, the ADX is trendless at 12, and USDCAD has pulled back to support around the 50 day MA (1.3052). Near-term resistance is expected at the 200 day MA (1.3224) and a pair of consecutive monthly doji’s for August and September hint to considerable congestion around 1.31."The loonie had favorable news on both the crude oil front and the July GDP numbers, which beat market expectations.
OPEC gives a boost to oil prices
The OPEC meeting in Algiers has given the oil bulls a ray of hope, because, for the first time in eight years, OPEC has agreed to freeze production, abandoning its recent strategy of gaining market share.
Oil promptly received a boost and is closing on the overhead resistances.
Read more - https://www.goldcruderesearch.com/
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