- USD / CAD rebounded strongly against a strengthening dollar and in the middle of a drop in stocks.
- Oil moderated Thursday’s rise, and investors worried about Brexit, lack of agreement due to stimulus in the US and coronavirus.
The USD / CAD extended the bullish run and climbed to new highs at 1.2780. It remains at this level, supported by the strength of the dollar in the market.
On Thursday the pair found support above 1.2700, the lowest level since April 2018. After a slight rebound, on Friday it gained momentum accompanied by a fall in stocks throughout the world.
The lack of an agreement in the US for new fiscal stimuli, the uncertainties due to Brexit and the advances of coronavirus in Europe, which motivate new restrictions are weighing on the stock markets. The main European markets and the futures of the main Wall Street indices show falls of around 1%.
Another negative factor for the loonie is the decline in the price of oil after the strong rise on Thursday. A barrel of WTI is at $ 46.60, down 0.45%.
Looking ahead to the next few hours, what happens with the bags will be important for the USD / CAD. Wholesale inflation and consumer confidence data will be released in the US. In Canada, there will be data on industrial activity for the third quarter.
Technical levels
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