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USDCAD – 1.2600 in View?
The rise in oil back towards the $50/bbl level has put fresh life into USDCAD pair it inches its way towards the 1.2700 figure. But unless crude breaks above $50 and continues higher we doubt there is much further rally left in the pair.
The fundamentals of Canadian economy have continued to deteriorate as a result of the slump in oil prices and tomorrow’s CPI data and Retail Sales release are likely to confirm the downward trend. That should leave the BOC in its accommodative mode and keep a lid on any loonie strength. For now the 1.2600 level is firm support while 1.3000 is now new resistance for the pair.