- Loonie regains ground modestly, ending a three-day streak with falls against the dollar.
- The greenback weakens at the close of the week.
The USD / CAD climbed hours ago to 1.3170, the highest level in a week and then undertook a pullback to 1.3115. It is trading at 1.3125 / 30, in negative territory for the day, snapping a three-day streak of strong gains.
The rebound from lows in March reached at the beginning of the week near 1.2900 lost moment after reaching the 20-day moving average (1.3150). Still, the background tone remains bullish after the strong reversal. A close clearly above 1.3150 would point to a bullish extension. On the contrary, the key support level for the next sessions appears at 1.3100 and a confirmation below, would remove strength from the dollar.
The greenback looks less strong on Friday before a rebound in the bags. The appetite for risk robbed him of moment on all fronts. ANDn America, the focus is still on politics, with President Trump not conceding defeat, so there is no transition yet. The president of China today recognized Joe Biden as the winner of the election.
When it comes to economic data, the most important will be the US producer price index. Also, Federal Reserve officials Williams and Bullard will speak.
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