The USD/CAD pair slumped to its lowest level since July 22nd at 1.3050 earlier in the day as rising crude oil prices allowed the Loonie to continue to outperform its major rivals. However, with the Greenback gathering strength on the back of upbeat Purchasing Managers’ Index (PMI) data from the United States, the pair recovered from its lows but struggled to break above the 1.31 handle. As of writing, the pair was trading at 1.3085, up 0.15% on a daily basis.
The Canadian Dollar is attempting to mark the third consecutive weekly advance against the US Dollar with USD/CAD off by more than 0.3% heading into the close of the week. The decline takes price into the first support hurdle with central bank rate decisions on tap from both the BoC and the FOMC next week.
USD/CAD LONG (Buy)
ENTER AT: 1.30690