The USDCAD pair based on the overnight positive momentum and moved up further above the 1.3305 handle.

In the mean time, weakening worldwide economic data were refered to as a headwind at raw oil prices, which further undermined the CAD and stayed strong of the up-move to the highest level since January, 7.

A slowdown in China economy to 28-year lows, followed by a downward revision to its global growth forecasts by the IMF fanned fresh worries over global growth and boosted the US Dollar’s traditional safe-haven appeal.

It would now intrigue check whether bulls can keep up their prevailing position in the midst of generally thin econimic docket, highlighting the arrival of Canadian manufacturing sales and existing home sales data from the US.

The pair is probably going to point towards reclaiming the 1.3405. On the other side, any significant retracement currently appears to discover prompt support close to the 1.3305-1.3295 area, which is trailed by support close to the 1.3260-55 area.

 

Rose Alice

About: Rose Alice

Rose Alice has a long experience as a currency analyst with a deep knowledge of the relationship between macroeconomics and currencies fluctuation.

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