The CAD made a slight gain against a much stronger USD on Tuesday, holding in despite a sharp reversal in prices for crude oil, a major Canadian export.
Oil reached 18-month highs in morning trade yesterday before retreating as the greenback hit its highest level against a basket of currencies since late 2002 on the back of data showing solid growth in U.S. manufacturing.
Oil is rising on Wednesday, with top exporter Saudi Arabia expected to increase prices for its crude as part of planned supply cuts.
Canada's trade report for November and employment numbers for December are due on Friday, following data released just before Christmas that showed cooling inflation and a contraction in economic growth.
We have lowered the target on our USD/CAD short to 1.3220, which is slightly above the rising trendline. The nearest important support is 1.3330.
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Oil reached 18-month highs in morning trade yesterday before retreating as the greenback hit its highest level against a basket of currencies since late 2002 on the back of data showing solid growth in U.S. manufacturing.
Oil is rising on Wednesday, with top exporter Saudi Arabia expected to increase prices for its crude as part of planned supply cuts.
Canada's trade report for November and employment numbers for December are due on Friday, following data released just before Christmas that showed cooling inflation and a contraction in economic growth.
We have lowered the target on our USD/CAD short to 1.3220, which is slightly above the rising trendline. The nearest important support is 1.3330.
GrowthAces.com - Daily Forex Trading Strategies
Sign up now for forex strategies newsletter with 30% discount
