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Canadian Dollar Hiked As OPEC Reaches Agreement

Canadian Dollar Hiked As OPEC Reaches Agreement

The Canadian dollar received a positive shock yesterday, as OPEC reached an agreement and traders reacted with confidence with strong demand on the Canadian dollar.

USD/CAD dropped from 1.3269, scoring a record low since 26th Sep 1.3046. USD/CAD intraday 1.3093, still below it’s daily pivot 1.3141 which indicates a bearish continuous trend for the coming hours and Canadian dollar moving strengthen against U.S. dollar.

USD/CAD trading price will be clearer today after the U.S. releases it’s final GDP q/q and Unemployment Claims at 1:30 PM GMT and the full picture tomorrow as Canadian GDP m/m will be published at also at 1:30 PM GMT 30 Sep.

Key levels to watch: Daily PP 1.3141.

First support 1.3074, S2 1.3040, S3 1.3017, S4 1.2996 on four hour charts.

First resistance R1 1.3108, R2 1.3135, R3 1.3164, R4 1.3181 on four hour charts.

Trend: Bearish.

Remark: USD/CAD is expected to trade between R1 and S2. Look forward for today’s U.S. GDP and Unemployment Claims at 1:30 GMT, later on tomorrow 30 Sep at 1:30 PM GMT as Canadian release the GDP m/m, also.

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