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30 Jan 2015
USD/CAD stabalising post spike in oil and rally in CAD
FXStreet (Guatemala) - USD/CAD is currently trading 1.2682 with a high of 1.28005 and a low of 1.2606, offered in the closing phase of the week.
USD/CAD has pulled back from the highs scored in early trade on the 1.28 handle when the pair rallied higher on the weaker Canadian GDP earlier today. However the price of oil also turned around and made an impressive spike of over 8% and that Canadian dollar benefitted from the move.
However, analysts at TD Securities explained that strongly trending bullish momentum across a range of timeframes really means the chances, at the moment, of a significant drop are limited. "Minor USD dips remain a buy. Look for support now 1.2675/00."
USD/CAD has pulled back from the highs scored in early trade on the 1.28 handle when the pair rallied higher on the weaker Canadian GDP earlier today. However the price of oil also turned around and made an impressive spike of over 8% and that Canadian dollar benefitted from the move.
However, analysts at TD Securities explained that strongly trending bullish momentum across a range of timeframes really means the chances, at the moment, of a significant drop are limited. "Minor USD dips remain a buy. Look for support now 1.2675/00."