Yesterday the pair broke through the important support level of 1.3200 and today continued the downward movement and lost 0.5%. The Canadian dollar is now in a very favorable position: the US dollar is falling across the market, oil is becoming more expensive, and the regulator gives the hope again of tightening monetary policy.
Forex traders much more prefer to react to good news on euro than to bad ones. The euro against the dollar appreciably increased, but continues to remain within the limits of the long-term range. However, the picture on euro is positive, and good support has been formed in the 1.1200-50. the week closure above 1.13 will improve the technical prospects of the pair.
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