The Canadian is under pressure

The Canadian dollar fell sharply against the US dollar amid mixed data on inflation in Canada, as well as against the positive statistics on the states. See the Market News. The deterrent of a stronger Canadian decline is the positive dynamics of oil prices.

Technical Analysis: After the publication of the statistics, the pair USD/CAD tests the resistance level at the level 1.2800. In case of stronger growth, one should consider the main resistance levels at 1,2830; 1.2860. The support levels at 1.2730; 1.2700.

Fig.  The USD/CAD chart, current price – 1.2810.

Alexander Sivtsov