09:31, 28 January

Daily Analysis

We also covered the USDCAD which fell sharply to finish out last week back towards the current key level of 1.32. In the last couple of weeks the USDCAD has rallied well and higher off the key level of 1.32 which has ably supported the currency pair, moving it to a two week high at 1.3375. It still has some distance to travel if it is to make up the losses from the couple of weeks prior which saw the USDCAD move sharply from an 18 month high above 1.36 down to the key level of 1.32. Throughout the last 12 months the 1.32 level has been significant for the currency pair so it wouldn’t have surprised too many to see some buying to support the price and provide some stability, which it is currently doing again. There may be some resistance at 1.34 as this level halted the rise of the USDCAD last month for a couple of weeks before it moved higher.