The pair USD/CAD climbs above 1.3500 post data and falling oil
The canadian dollar is one of the worst in the Friday, weakened after CPI data from Canada and a sharp fall in the prices of crude oil.
The USD/CAD pair broke above 1.3500 and climbed to 1.3523, reaching a maximum of a month. Currently, it’s floating around 1.3510/15, up to 45 pips for the day so far. The barrel of WTI fell below $ 50.00 and is below more than 2%, weakening the demand for the Loonie. Earlier, the currency fell after the publication of the inflation data from Canada. The CPI rose 0.2% in march, below the 0.4% expected. The annual rate fell to 1.6%.
A strong week
The pair is having the best week-week performance since February and is on pace to close higher since December. A close above 1.3500 could be significant from the technical point of view, giving some support for an extension of the us dollar.
Since the beginning of march all the locks weekly have been between 1.3300 and 1.3400, pointing to some consolidation above the SMA of 20 days, which stood at 1.3310. The next challenge to the bullish bias is the test of the maximum of the fourth quarter, below 1.3600.