USD CAD expands the descent
9/6/2016 10:06:19 AM
the CAD keeps the upbeat tone against USD on Tuesday, now downgrading USD/CAD to trade in the area of the critical support at 1.2900. The request for CAD stays well supported by the persistence of the rally in crude oil prices, with the barrel of West Texas Intermediate take back the $45.00 mark and beyond. Still on the CAD side, theoretical positioning showed CAD longs have climbed to 5-week tops during the week ended on August 30 while Open Interest has scaled back during the same period, all according to the latest CFTC report. Adding to the weakening, the dollar stays on the defensive during the first half of the week, fading additional the post-Payrolls spike. As of writing the pair is losing 0.08% at 1.2920 and a break below 1.2900 would expose 1.2830 and ultimately 1.2759. On the upside, the first hurdle aligns at 1.2955 followed by 1.2995 and then 1.3150.
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