USD CAD upside down over US presidential
11/9/2016 9:31:55 AM
After staying at several months advancing further than the 1.3500 handle, USD/CAD lost some upside momentum and is now backing to the area of the 1.3400.
The pair progressed more on Wednesday following the surprising lead by Republican candidate Donald Trump, who is just 4 electoral votes away of being the new US President.
CAD has also hurt the considerable fall in crude oil prices, with the barrel of West Texas Intermediate coming down to test fresh 2-month lows in the nearness of the $43.00 mark after the API reported late on Tuesday another build in US crude supplies, this time of nearly 4.5 million barrels.
As of writing the pair is up 0.81% at 1.3395 facing the next up hurdle at 1.3525 followed by 1.3575 and ultimately 1.3640. On the other hand, a break below 1.3310 would wish for 1.3180 and then 1.3000.