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Nov 19 - 01:55 PM

USD/CAD - Breaks Above Daily Cloud Amid Rising COVID-Related Growth Concerns

By Paul Spirgel  —  Nov 19 - 11:48 AM
  • USD/CAD +0.27% to 1.2634, Friday's range 1.2662-1.2585

  • USD broadly higher amid COVID, inflation/growth-related haven buying

  • Oil -4.3%, exacerbates CAD drubbing as countries reconsider lockdowns

  • Rise above 1.2619's 50% Fib of 1.2949-1.2289 shifts momentum to bulls

  • USD bulls eye Oct 1'a 1.2738, then upper 21-w Bolli at 1.2803

  • Support at daily cloud top (fmr res) by 1.2643, 10/55-DMA by 1.2543

CAD Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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