July 22, 2019

Technical Analysis


The Canadian dollar was the top performer yesterday, but with the US dollar a close second, that has helped prevent this currency pair from a more sudden drop. Energy prices didn’t help, with an API surplus of 2.4M ahead of tonight’s EIA estimate expected to show a slight 1.2M deficit. There will also be Canadian retail data, as well as the Fed minutes, likely to keep both aspects of this pair jumpy as it fails to breach its short-term resistance level in the 1.35s, and resting just barely above its main long-term moving averages.

USD_CAD_22_05_2019

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