FXStreet — The canadian Dollar is now on the rise compared to its American neighbours, and so the USD/CAD to 4-week low below 1,3500.
USD/CAD focus on Fed Speeches
The Couple came on Monday under selling pressure, while the Oil market to rally and the offers against the Greenback increase.
WTI crude oil rose to a new 5-week high on 51,00$, since the speculation on an extension of the OPEC production cut in the meeting of the cartel on the next Thursday on the increase.
The US Dollar Index, which represents the strength of the USD vs. its 6 most important rivals, falls in the area of 96.80, where we saw him last in November. Distressing also is the comment of the German Chancellor A. Merkel, the Euro is too weak for the Greenback.
• US Dollar tumbles to year-low in the vicinity of 96.80
From the USA there is the Chicago Fed National activity index and the Speeches by FOMC L. Brainard (permanent voters, centrist), Philly Fed P. Harker (voter, hawkish) and Minneapolis Fed of N. Kashkari (voter, dovish), before Wednesday’s BoC meeting and the FOMC meeting minutes set the tone.
The CAD speculative net Shorts are 16. Mai to the extreme level of 98K contracts increased, as the recent CFTC data.
USD/CAD technical levels
Currently, the daily loss of -0.04% in 1,3506 and the next supports is at 1,3485 (Deep 22. May), 1,3481 (55-day SMA) and 1,3440 (61.8% Fibo of the April to may rally). On the other hand, Resistances can be found at 1,3541 (High of 22. May), 1,3575 (38,2 % Fibo of the April to may rally) and 1,3646 (20-day SMA).
** FXStreet News Editorial, FXStreet**