24 Jul 2015
USD/CAD retreats but holds bullish momentum
FXStreet (Córdoba) - USD/CAD moved off daily highs but rebounded and is trading back above 1.3050 as the loonie remains under pressure.
USD/CAD down but rebounds
The pair peaked at 1.3100 before the beginning of the American session, hitting the mentioned level for the first time since 2004. Then, greenback lost strength after US housing data and dropped across the board. The pair fell and bottomed at 1.3025.
The recovery of the loonie was short-lived and USD/CAD rebounded quickly, rising back above 1.3050. Currently it trades at 1.3075, consolidating a hundred pips above the level it had seven days ago. The pair is about to post the fifth weekly gain in a row.
The Canadian dollar remains unable to recover part of the lost ground as crude oil continues to slide and while commodity currencies remain weak amid risk aversion and uncertainties about the global growth outlook.
USD/CAD down but rebounds
The pair peaked at 1.3100 before the beginning of the American session, hitting the mentioned level for the first time since 2004. Then, greenback lost strength after US housing data and dropped across the board. The pair fell and bottomed at 1.3025.
The recovery of the loonie was short-lived and USD/CAD rebounded quickly, rising back above 1.3050. Currently it trades at 1.3075, consolidating a hundred pips above the level it had seven days ago. The pair is about to post the fifth weekly gain in a row.
The Canadian dollar remains unable to recover part of the lost ground as crude oil continues to slide and while commodity currencies remain weak amid risk aversion and uncertainties about the global growth outlook.