09:21, 14 January

USDCAD Daily Analysis

The current key level for the USDCAD is 1.32. In the last couple of weeks or so has seen the USDCAD move sharply from an 18 month high above 1.36 down to the 1.32 level, which was a remarkable move of more than 400 pips in around six days. Throughout the last 12 months the 1.32 level has been significant for the currency pair so it would have come as no surprise that it has supported the price so well in the last few days. For several months in the second half of 2018 the 1.32 level was significant repelling prices lower although in November this level was cleared, which then saw the 1.32 level propping up prices. The market will be watching closely to see what now happens around the 1.32 level and whether price consolidates or moves lower.