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Canadian Dollar Outlook: Key USD/CAD, CAD/JPY Levels to Watch


Canadian Dollar Outlook: Key USD/CAD, CAD/JPY Levels to Watch
2021-01-12 12:00:00
Justin McQueen,
Analyst
CAD/JPY | Facing Long-Term Resistance
Canadian Dollar Tracking Risk Sentiment and Oil Prices
The Bank of Canada Business Outlook Survey continued to show a recovery in business sentiment from the near-record lows with optimism largely stemming from advances in vaccine developments. However, this is in contrast to the deterioration in the labour market, as evidenced by Friday’s jobs report. That said, in the short-run, the Canadian Dollar will continue to track risk sentiment and oil prices, which have broken out to fresh multi-month highs. ....

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Canadian dollar starts week with slide - MarketPulse


Canadian dollar starts week with slide
January 11, 2021SharePrint
The Canadian dollar is deep in red territory in the Monday session. Currently, USD/CAD is trading at 1.2767, up 0.63% on the day. On the fundamental front, it’s a quiet start to the week, with no economic data out of the US or Canada. The Bank of Canada released its Business Outlook survey, which is released on a quarterly basis.
US dollar rebounds
The US dollar is showing some newfound strength and this has continued on Monday, with the Canadian dollar down sharply. This is largely a result of higher US Treasury yields, which has resulted in a US dollar short squeeze and pushed the currency to higher levels. The US dollar index continues to move higher and reached a daily high of 90.71. The dollar index is putting pressure on a major resistance line at 91.00; a daily close above that line would likely extend the dollar short squeeze. With US yields continuing to move higher, investors have been in ....

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