VOT Research Desk
In a slow Friday morning, USD/CAD accepts offers to retest its intraday low near 1.3630 as it reverses the previous day’s losses.
On Thursday, the Loonie pair gained the most ground in three weeks as a result of the broad US Dollar advance and the declining price of WTI crude oil, Canada’s main export.
However, the lack of significant data or events in the morning and the cautious atmosphere ahead of the US activity reports for December appeared to have been what caused the most recent fall in the quotation.
The short-term USD/CAD upside is constrained by a six-week-old resistance line near 1.3665.
As the monthly support line confronts the bears near 1.3500, the Loonie pair’s potential for further decline appears to be constrained.
