FXStreet (Córdoba) – USD/CAD dropped sharply during the American session and erased all gains. The pair peaked at 1.2395 but lost strength and pulled back. The loonie has been the top performer on Friday and the best during the week among commodity currencies.
During the second half of the American session accelerated to the downside and currently trades at 1.2320, below the level it closed on Thursday but more than 50 pips above the level it had a week ago.
Will USD remain strong?
A stronger US dollar across the board pushed the pair to the upside during the week. But the pair was rejected from above 1.2400 and retreated.
Next week the economic calendar will be relevant for the US and Canada. The Non-Farm Payroll report on Thursday (and also employment data on Wednesday) could impact on the US dollar significantly. While in Canada growth data will be publish on Tuesday.
(Market News Provided by FXstreet)