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USD/CAD Video 02.02.21. To view this content please accept our cookie policy. Canadian Dollar Gains Ground Against U.S. Dollar USD/CAD has recently made another attempt to settle above the resistance at 1.2860 but lost momentum and declined below the support level at 1.2835 while the U.S. dollar gained ground against a broad basket of currencies. The U.S. Dollar Index has managed to settle above the resistance at 91.10 and is trying to develop additional upside momentum. The next resistance level for the U.S. Dollar Index is located at 91.50. If the U.S. Dollar Index gets to the test of this level, USD/CAD will receive more support. The U.S. dollar gained momentum against a broad basket of currencies thanks to the weakness of the euro , which found itself under pressure after the release of Euro Area GDP Growth Rate report which indicated that Euro Area GDP declined by 0.7% in the fourth quarter on a quarter-over-quarter basis. Meanwhile, Canadian dollar received support from strong oil which managed to get to the test of the $55 level. If oil continues its upside move, USD/CAD may find itself under pressure. USD to CAD has recently tried to settle above the resistance […]
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