Analysts at BBH points out that the Canadian dollar was the weakest of the important currencies final week, dropping 1.three%, with the US dollar going over CAD1.35 for only the 2nd time this calendar year.
“The technological indicators level to added US dollar toughness, with CAD1.3575-CAD1.36 currently being the future obvious concentrate on. In addition to corresponding to the highs from This fall 16, it is also the 50% retracement goal of the US dollar slide from the January 16 high in close proximity to CAD1.4700. The greenback’s sharp progress is forcing the Bollinger Band to widen. The higher band is found in close proximity to CAD1.3500.”