USD/CAD slides to fresh weekly lows, closer to 1.3400 handle amid rising oil pricesOur preference: short positions below 1.3440 with targets at 1.3390 & 1.3360 in extension.Alternative scenario: above 1.3440 look for further upside with 1.3450 & 1.3465 as targets.
• Rallying oil prices underpin Loonie and exert some downward pressure.
• A modest USD pullback further contributes to the ongoing downfall.
• Traders now eye second-tier economic data for some fresh impetus.
The USD/CAD pair remained under some selling pressure for the third consecutive session on
Thursday and dropped to fresh weekly low, around the 1.3415-10 region in the last hour.
After once again failing to make it through the key 1.3500 psychological mark, the pair
witnessed some long-unwinding pressure on Wednesday amid a solid bounce in Oil prices, amid intensifying tensions in the Middle East.