- Loonie is up against the dollar, but is behind compared to AUD and NZD.
- USD / CAD looks back to the lows of the year.
The USD / CAD is falling for the second day in a row and accelerated the bearish run in the European session. The price fell to 1.2634, the lowest level in four days.
The fall shows the inability of the USD / CAD to hold above 1.2700 and supported by the rise in the stock markets. In turn, the dollar is losing ground on Friday in the market. With the retracement, the USD / CAD approached the weekly low of 1.2605 (low of February 16) and 1.2588, the low in almost three years reached at the end of January.
Despite rising against the dollar, the loonie is losing ground against the NZD and the AUD. These currencies are more favored by the climate of appetite for risk.
Data, bonds and oil
Looking ahead to the next few hours, there are several focuses of attention. What happens on Wall Street and in the bond market may be key for the dollar. In turn, the manufacturing PMI report and the data on the sale of existing homes for EE.UU. Also public speakers will be Thomas Barkin of the Richmond Fed and Eric Rosengren of the Boston Fed.
Of Canada stands out from December’s retail sales report (includes preliminary reading for January).
In the American afternoon the data of the Baker Hugher oil rig count will come out, which may influence the price of crude oil. The barrel is falling on Friday, retreating from 13-month highs. WTI trades just above $ 59.00.
Technical levels
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
