The Canadian maintains a strong position

The Canadian dollar maintains a strong position against the US dollar against the background of the general weakening of the US currency, as well as in connection with positive data on business activity in Canada.

• According to published data, Ivey’s business activity index (PMI) rose to 59.6 in February, exceeding the previous value of 55.2.

In turn, a restraining factor of stronger strengthening of the Canadian is the restrained dynamics of oil prices in anticipation of data on oil reserves in the United States.

Technical analysis: The pair USD/CAD maintains an upward trend in the short-term, while found support at the level of 1.2870, which corresponds to the level of 23.6 Fibonacci on H1. If the price of the instrument continues to decline and falls below 1.2870, the next level of support should be considered at the level of 1.2790 (38.2 Fibonacci on H1).

Fig. USD/CAD. The current price is $ 1.2897.

Alexander Sivtsov