USD/CAD rises to the 1.3270 area amid a weaker Canadian dollar

The USD/CAD rose to 1.3271 during the American session, reaching a fresh two-day high and then pulled back, holding above 1.3240. Despite rising on Fr  |  14/08/2020 16:37
  • USD/CAD hits a fresh daily high at 1.3271 but still heads for a weekly loss.
  • Canadian dollar among weakest currencies on Friday corrects lower after days of gains.

The USD/CAD rose to 1.3271 during the American session, reaching a fresh two-day high and then pulled back, holding above 1.3240. Despite rising on Friday, the pair is trading 125 pips below the level it had a week ago.

The Canadian dollar is retreating on Friday across the board, trimming a small portion of its weekly gains. It appears to be a normal correction after rising during five consecutive days. Data from Canada showed a strong rebound in manufacturing sales.

The greenback on Friday is mostly lower across the board. The US July retail sales report and the marginal improvement in consumer sentiment in August did not help the US dollar. The DXY is falling 0.23% n Friday, trading above 93.00, on its way to the lowest weekly close since May 2018.

Technical outlook

The primary trend in USD/CAD is still pointing lower. A recovery above 1.3270 could alleviate the bearish pressure. The next resistance is seen at 1.3325/30 (July 28 & 29 low). On the flip side, a slide back under 1.3240 would export the 1.3200 area that protects the six month low it reached on Thursday at 1.3189.

 

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