the daily chartist

USD/CAD recap 19;20.10.2015

published 5 years ago

The pair has landed after a short correction at 1.29107 entered new buy zone and found some support for a pullback up towards 1.30. We had Federal elections in Canada on Monday and Justin Trudeau won the elections as a new Prime Minister. Overall there are reserved views on his character and ability to lead. The CAD is moving down against the USD also with the help of the falling Oil prices. As WTI continue to slide we may see another slide in UD/CAD as the pair may look out for a move towards 1.31772 and beyond. If conditions in the Oil market remain negative for the commodity and BoC's policy continues to support rate cut, USD will gain more strength against the Canadian currency. On Tuesday we had Wholesale Sales coming in negative at -0.1% against 0.2% forecast signaling more weakness in the consumer spending.