USD/CAD climbs to 1.3040 but the bounce needs perspective

Technical Analysis

Author: Adam Button | usdcad

USD/CAD up 40 pips today

A broad rally in the US dollar has lifted USD/CAD to 1.3040 today after opening the day just below the big figure and touching a low of 1.2983 in Asia.

Even with today's bounce, the move is modest in the weekly perspective. On Tuesday and Wednesday, the pair sank on NAFTA optimism and USD weakness.

Taking a look at the daily chart, the bounce is modest and that will keep the pressure on the downside. On the NAFTA front, there won't be any high-level talks on the weekend.

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