FXstreet.com (Córdoba) - Despite the rise in crude oil price, the Canadian Dollar is weaker on Monday. USD/CAD rose to 1.0589 during the European session posting a two week high after breaking the resistance zone at 1.0545. The pair currently trades at 1.0560/63, 0.38% above today's opening price. On the upside, immediate resistance lies at 1.0600 and above at 1.0650 (Oct 7 high).
Rajoo C, technical analyst at Precise Trader, sees a bullish outlook if the USD/CAD managed to stay above 1.0490.
According to the Wells Fargo Research Team In today's comments the BoC (Bank of Canada) Governor Carney's repeated that Canadian dollar could be 'a significant further drag' on the economy.