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Jan 13 - 01:55 PM

USD/CAD - Slips Below 10-DMA On Rising Commodities, Eyes 2021 Low By 1.2631

By Paul Spirgel  —  Jan 13 - 12:03 PM
  • USD/CAD hovers near flat at 1.2704, Wednesday range 1.2745-1.2704

  • Rising oil, copper; CA yields at 9-mos highs provides interim lift to CAD

  • CAD gains may be fleeting as rising COVID cases may spur BoC rate cut

  • Close below 10-DMA by 1.2720 may open way for retest of 2021 lows

  • USD/CAD supt at today's low 1.2704, Jan 8 low 1.2659, 2021 low 1.2631

  • Res at 21-DMA by 1.2772, bears lose control above 1.2901, 50% Fib of 1.317-1.2631

CAD Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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