Idea on na chart
We have a great chart where price could possible go. great zones especially the Price of interests. The Canadian dollar strengthened to a five-month high against its U.S. counterpart on Monday as oil prices rose and major railroad operators focused on restoring service, after a work stoppage that threatened to disrupt the economy ended.
The loonie was trading 0.3% higher at 1.3470 to the U.S. dollar, or 74.24 U.S. cents, after touching its strongest intraday level since March 21 at 1.3464.
"The Canadian dollar continues to perform well in the aftermath of USD-CAD breaking and closing below strong support at 1.3590 on Friday," said George Davis, chief technical strategist at RBC Capital Markets.
The currency was up 0.8% on Friday, its biggest advance this year, as Federal Reserve Chair Jerome Powell signaled the start of interest rate cuts in the U.S.
The oil rally has added to support for the currency, Davis said.
U.S. crude oil futures were up 3.2% at $77.25 a barrel as supply concerns sharpened on reports of escalating conflict in the Middle East as well as production cuts in Libya. Oil is one of Canada's major exports.
The loonie was trading 0.3% higher at 1.3470 to the U.S. dollar, or 74.24 U.S. cents, after touching its strongest intraday level since March 21 at 1.3464.
"The Canadian dollar continues to perform well in the aftermath of USD-CAD breaking and closing below strong support at 1.3590 on Friday," said George Davis, chief technical strategist at RBC Capital Markets.
The currency was up 0.8% on Friday, its biggest advance this year, as Federal Reserve Chair Jerome Powell signaled the start of interest rate cuts in the U.S.
The oil rally has added to support for the currency, Davis said.
U.S. crude oil futures were up 3.2% at $77.25 a barrel as supply concerns sharpened on reports of escalating conflict in the Middle East as well as production cuts in Libya. Oil is one of Canada's major exports.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.