USD/CAD posted sharp gains for a second straight week, gaining 220 points. The pair touched above the key 1.40 line and closed the week at 1.3955, its highest level since May 2004. This week’s key events are GDP and Core Retail Sales. Here is an outlook on the major market-movers and an updated technical analysis for USD/CAD.
After months of intense speculation, the Federal Reserve raised interest rates by 0.25 percent. The historic rate hike was not dovish as this small hike is just the start, with plans for additional hikes in 2016. Weak Canadian figures added to the woes of the Canadian dollar, as Manufacturing Sales and consumer inflation reports posted declines.
Read the rest of the article USD/CAD Forecast Dec. 21-25