The Canadian Dollar advanced to a one-week high as stocks and Crude oil erased losses, reviving demand for currencies tied to economic growth. Trade Balance came out at -0.2B vs. - 0.1B forecast. As long the USD/CAD is below 1.0700 levels a short position is preferred, the main support is 1.0550 and the 10 moving average is above therefore it support a bearish momentum. Overall, USD/CAD traded with a low of 1.0597 and with a high of 1.0707. No major economic data expected today.
CAD/USD - Last: 1.0587