The pair could attempt a recovery towards the 1.34/1.35 band, according to analysts at BBH.
Key Quotes
“The Canadian dollar snapped a nine-week advance”.
“The US dollar clawed back 2% and rose above the downtrend line drawn of the multi-year high set on January 20”.
“The MACDs have finally crossed after being on the verge for a couple of weeks”.
“The five-day average is poised to cross above the 20-day average early next week for the first time since the end of January”.
“Although CAD1.33 marks initial resistance for the US dollar, we look for it to move into the CAD1.34-CAD1.35 range”.
(Market News Provided by FXstreet)