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CAD is plummeting against other currencies that was triggered by the drop in oil prices. The price of a barrel of crude has fallen below the $30 mark. Depreciation of the local currency is favourable for the country through stronger competitive position in exports. However, Canada pays a high price of CAD depreciation through falling oil revenues. To stimulate the consumption and growth in the country, the Bank of Canada might take a decision to cut interest rate. The announcement will be held on on Wednesday, January 20. Inflation in Canada has been steady and currently sits at 1.4% YoY, which should attribute to the exporter component of the economy who are not directly affected by the lower commodity prices.
The USD/CAD rose for the 10th day in a row as equity markets and oil continue their decline. The pair advanced every single trading day of 2016 and gained roughly 5.25% and reached levels unseen since April of 2003.
USDCAD was resistant to big dips. If the uptrend bias remains, the next long term projection level sits at 1.4944. On the downside, the move to around 1.43 minor support will turn bias neutral. If the decline accelerates, it should be contained by 1.3815/4000 support zone and bring rally resumption.
The USD/CAD rose for the 10th day in a row as equity markets and oil continue their decline. The pair advanced every single trading day of 2016 and gained roughly 5.25% and reached levels unseen since April of 2003.
USDCAD was resistant to big dips. If the uptrend bias remains, the next long term projection level sits at 1.4944. On the downside, the move to around 1.43 minor support will turn bias neutral. If the decline accelerates, it should be contained by 1.3815/4000 support zone and bring rally resumption.
