FXStreet (Córdoba) – USD/CAD is about to end the week trading below 1.3870, about to post the first weekly decline since October. Recently the pair bottomed at 1.3817, the lowest level in a week as the recovery in crude oil prices boosted the loonie while the US dollar is falling across the board.
The WTI barrel reached levels on top of $38, hitting new weekly highs. The US Dollar Index (DXY) hit 1-week lows under 98.00. Stocks in Wall Street are in mixed territory.
USD/CAD moving off 1.40
The retreat of the pair comes after price traded at multi-year highs near the 1.40 area that recently capped the upside. The bearish correction that is taking place could continue during the rest of the year amid low volume.
Greenback would need to break the 1.40 barrier in order to open the doors for more gains and to resume the long term trend.
(Market News Provided by FXstreet)