- Fall in equity markets propels the dollar on all fronts.
- Oil extends retracement, WTI below $ 77.00, yields 2.55%.
- USD / CAD heading for fourth consecutive week profit.
El USD / CAD spiked from levels below 1.2600 and climbed to 1.2656, reaching the highest level in seven weeks. Then it had a slight setback but remains firm above 1.2640, with an important bullish tone.
The rise occurred due to a general appreciation of the dollar in the market and a fall in the price of oil. The announcement of a new lockdown in Austria raised fears of similar behavior in other countries. Equity markets retreated and investors sought refuge by favoring the dollar.
The Oil hit weekly lows. WTI’s barrel is losing more than 2.5% and is approaching $ 76.50, sGoing another negative factor for the loonie. Canada’s September retail sales report and the new home price index will be released in the American session.
The USD / CAD holds the trend and the bullish bias firm. It is on its way to the fourth consecutive weekly gain, with no sign of a correction. Above 1.2655 / 60, the next strong resistance is in the vicinity of 1.2700.
Technical levels
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