7th Dec. - The USD / CAD pair recorded a steady decline giving an indication of the strengthening of the Canadian Dollar at the moment against the US Dollar.
Important economic data such as the Non-Farm Payroll that was published did not help strengthen the US Dollar while the increase in crude oil prices helped to generate the Canadian economy as well as strengthen the Canadian Dollar.
The USD / CAD pair price is currently trading at par 1,278 compared to 1,299 at the beginning of last week. The price momentum is in a "strong bearish" state and will most likely continue to decline.
From the Moving Average point of view, the price is below MA14 and is in the bearish zone of Bollinger Bands indicating a decline will continue over time. We expect the price to drop to the level of 1.253 or lower to the level of 1.225 in the near term.
AHMAD FAIZUDDIN BIN RAZALI
ANALYST OF CDG GLOBAL
USD / CAD PAIR FALLS FOLLOWING CANADA DOLLAR STRENGTH DUE TO INCREASING GLOBAL CRUDE OIL PRICES
ACCESS THE FINANCIAL MARKETS ONLINE ANYWHERE ANYTIME
It takes a few minutes to enter the exciting world of trading
FED Meeting Minutes Published This Week, Dollar Strengthening Pauses
Markets This Week: Stock Markets Will Continue To Be Turbulent, US Dollar Strengthens And Gold Prices Possibly Continue To Plunge
The Current U.S. Inflation Rate Is The Main Focus of The Market This Week
Asian Stocks Strengthen, Japan’s Economy Contracts in First Quarter of 2021