- Fall of the dollar in the market drags the USD / CAD.
- Loonie advances against the dollar but is behind against AUD and NZD.
USD / CAD fell to 1.3108, hitting the lowest level in two days and then rebounded. It is trading at 1.3125, still with a bearish bias, but with the dollar regaining ground.
The rise in stocks in the world played against the dollar. Market mood improved following upbeat corporate earnings reports and Eurozone PMI data, especially German manufacturing.
Additionally, optimism about a possible US fiscal stimulus deal also adds to the reduced demand for safe haven assets. House Speaker Nancy Pelosi on Thursday showed a sense of urgency to reach an agreement, stating that “we’re almost there.”
On the CAD side, the lack of relevant Canadian macro news puts the focus on the WTI price movement. The barrel is trading unchanged at the $ 40.75 zone.
In the next few hours to publish October’s US PMI Markit report. In addition, the operators will analyze what the presidential debate left behind and will closely follow the news for new fiscal stimuli.
Technical levels
The next target on the downside is lined up at 1.3100, below which the next support at 1.3080 (low for the week) could be exposed. To the upside, resistances are at 1.3140 followed by the day’s high at 1.3155.
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Credits: Forex Street
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