The Canadian dollar enjoyed an excellent week, as USD/CAD dropped about 140 points. There are 7 events this week. Here is an outlook on the major market-movers and an updated technical analysis for USD/CAD. In the US, data was generally upbeat, but traders were hesitant to buy the greenback ahead of the Fed Statement. In Canada, Building Permits posted was unexpectedly strong.
USD/CAD daily chart with support and resistance lines on it. Click to enlarge:
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