The USDCAD daily chart shows a rather interesting pattern but nevertheless, there are a few important levels of interest as we go into some high-impact economic releases this week and next as the US and Canadian show their employment data and internet rate decisions.
The 1.2830 continues to provide a level of resistance as the recent bounce off this area can attest to. Despite the recent decrease in Brent crude and WTI prices, USDCAD actually fell as fear of the relatively unknown Omicron resulted in rates markets pricing in a slower rate of Fed hikes for 2022 – bearish for the already propped up US dollar.
It must be said that markets have very reactive and news-dependent as more information around the new variant surfaces. As always we much keep a close eye on how things develop. What do you think will be the latest move on USDCAD?
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