The USD/CAD pair once again finds some support near the 50-day Simple Moving Average (SMA) and stages a modest bounce from the 1.3720-1.3715 region, or a three-week low touched earlier this Friday.
USD/CAD bounces off a multi-week low touched this Friday, albeit lacks follow-through. An uptick in Oil prices underpins the Loonie and acts as a headwind amid a softer USD. Traders also seem reluctant to place aggressive bets ahead of the Canadian jobs report. The USD/CAD pair once again finds some support near the 50-day Simple Moving Average and stages a modest bounce from the 1.3720-1.3715 region, or a three-week low touched earlier this Friday.
USD/CAD daily chart Canadian Dollar FAQs What key factors drive the Canadian Dollar? The key factors driving the Canadian Dollar are the level of interest rates set by the Bank of Canada , the price of Oil, Canada’s largest export, the health of its economy, inflation and the Trade Balance, which is the difference between the value of Canada’s exports versus its imports.
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