The Canadian is stabilizing
The Canadian dollar is trying to stabilize against the US dollar based on the data on commodity prices and industrial goods in Canada. See Market News. Also, the support to the Canadian currency is provided by the stabilization of oil prices, after a decline in the European session in anticipation of data on the stocks of raw materials in the US.
Technical analysis: The pair USD/CAD demonstrates the growth the second trading day in a row, which is caused by the decline in oil prices. The pair remains a downtrend in the short term. At the moment, the significant resistance level is 1,2800. In the event that the price of the instrument will be able to gain a foothold above the level of 1.2800, one should expect a price increase in the area of 1.2835-1.2850. The main support levels are 1.2750-1.2715.
Fig. USD/CAD chart, current price – 1.2799.
Alexander Sivtsov