The Canadian dollar is on its 7th day of losses vs. the US dollar. This is mostly to do with oil prices falling in response to the Venezuelan news. Markets are betting on a smoother recovery in Venezuelan oil output, which could be mildly bearish for oil prices amid concerns over excessive supply of the stuff. In turn, that could hurt the Canadian dollar, which has benefited from the absence of Venezuelan heavy crude.
With the USD/CAD rebounding from a long-term bullish trend and making a higher low in December (1.3642) relative to its earlier low hit in June (1.3540), the bullish case is growing for this pair.
Near-term resistance is seen around 1.3890ish and then at 1.3925ish, levels that were previously support.
By Fawad Razaqzada, market analyst with FOREX.com
With the USD/CAD rebounding from a long-term bullish trend and making a higher low in December (1.3642) relative to its earlier low hit in June (1.3540), the bullish case is growing for this pair.
Near-term resistance is seen around 1.3890ish and then at 1.3925ish, levels that were previously support.
By Fawad Razaqzada, market analyst with FOREX.com
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