09:24, 25 February

USDCAD Daily Analysis

On Tuesday last week we covered the USDCAD which continued throughout the week to drift lower and move back down below the key 1.32 level. In the last few weeks the USDCAD has traded within a narrow range being ably supported by the current key level of 1.32, so the break lower at the end of last week may be significant. Despite an excursion below this level a few weeks ago for a week, the USDCAD has spent the best part of the last six weeks doing not much else than trading above 1.32.

A few weeks ago it did fall to a two month low around 1.3050 so it be will interesting to see if the USDCAD rallies from a similar level should it ease down to there.