Dollar/CAD traded in a range amid mixed movements from oil prices and from local data. The upcoming week features the all-important OPEC meetings, a speech by Poloz, and GDP. Here are the highlights and an updated technical analysis for USD/CAD.
The price of oil resumed its rally, with WTI topping $58. However, Canada’s domestic data was quite disappointing: manufacturing sales dropped by 1.2% and retail sales advanced by only 0.1%. This limited any attempts for a breakthrough by the Canadian dollar. The softer USD, due to worries about inflation, helped keep things stable.
Updates:
USD/CAD daily chart with support and resistance lines on it. Click to enlarge:
