USD/CAD is trading at 1.2430 with a high of 1.2588 and a low of 1.2407.
USD/CAD has been unstable while the price of oil has been making a come back and a bottom is appearing to form. The Canadian dollar has been reacting in response to the performances of oil while the greenback has been traded with caution ahead of tomorrow's Nonfarm Payrolls.
Analysts at TD Securities explained that the USD/CAD price action is choppy and signals are turning a little less constructive on the shorter-term charts. "USD/CAD weakness after yesterday’s run up to the high 1.25s suggests this market is still in short-term consolidation mode; we had thought that pointers were more constructive late yesterday. Instead, short-term trend momentum is turning negative and the USD is perhaps at risk of retesting support in the high 1.23/low 1.24 area now."
USD/CAD has been unstable while the price of oil has been making a come back and a bottom is appearing to form. The Canadian dollar has been reacting in response to the performances of oil while the greenback has been traded with caution ahead of tomorrow's Nonfarm Payrolls.
Analysts at TD Securities explained that the USD/CAD price action is choppy and signals are turning a little less constructive on the shorter-term charts. "USD/CAD weakness after yesterday’s run up to the high 1.25s suggests this market is still in short-term consolidation mode; we had thought that pointers were more constructive late yesterday. Instead, short-term trend momentum is turning negative and the USD is perhaps at risk of retesting support in the high 1.23/low 1.24 area now."
