After falling from intra-day high at 1.0615 in the Asian Session to post 1-year low at 1.0525 in a 90 pips decline, USD/CAD has bounced at this level, rising to 1.0580. Currently the pair is trading around 1.0560/70, 0.25% below today's opening price action at 1.0588.
Oil barrel is rising 0.32% so far today to trade above $71.00/barrel. Gold trades close to 1,045/oz after rising 0.50% so far today.
The UFXBank Research affirms related to USD/CAD: “The Canadian Dollar gained for a third day against the Dollar and the currency advanced to the strongest level in more than a year as stocks and crude oil, the nation’s biggest export, rose due to signs that the global economic recovery may continue. Building Permits and the Ivery PMI came out better than expected at 7.2% and 61.7 respectively. Overall, USD/CAD traded with a low of 1.0546 and with a high of 1.0714. Today, No economic data expected.”
UFXBank provides us with its levels: “Resistance 1.477 1.4815 1.4845. Support 1.47 1.467 1.4635.”
The GoldCore Bullion Services Team comments: “As the dollar came under increasing pressure yesterday, gold surged to fresh highs, breaking through two levels of resistance ($1,020/oz and $1,033/oz) and is currently trading at $1,047/oz.”
