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USD / CAD falls to a new weekly low, looking at 1.2800 pending macro data from Canada and the US.

  • USD / CAD saw some selling for the third day in a row and updated the weekly low on Thursday.
  • The decline in crude prices undermined the CAD.
  • Investors are now looking forward to Canadian GDP releases and US data for a significant trade boost.

The USD / CAD pair fell in the first half of the European session and fell to a new weekly low, around the 1.2815 region in the last hour.

After a first rally to the 1.2855 zone, the pair encountered fresh offer on Thursday and moved into negative territory for the third day in a row.

Crude prices struggled to capitalize on this week’s strong rally in the $ 68.00 zone and witnessed a modest pullback from near the monthly high. This, in turn, undermined the commodity-linked Canadian dollar.

Market participants are now looking forward to the US economic calendar, highlighting the release of PCE price index data and durable goods orders. Along with these data, the Canadian GDP for November will be published. Apart from this, oil price dynamics will influence the Canadian dollar and produce some short-term trading opportunities around the USD / CAD pair heading into the year-end holiday season.

Technical levels

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