USD/CAD is on track to match the daily lows last seen in February 2020. Bears need to hold below current 15 min resistance and break below 1.3270. There is a focus on the price of oil, geopolitics and the US dollar’s recent correction. USD/CAD bears are having a hard time taking out key levels on the way to the Feb lows as the greenback firms Recent weakness in the US dollar had been exacerbated by a significant buildup of net short speculative positions, although real yields have firmed on the back of Friday’s move which has breathed some life back into the greenback. At the same time, there is a large repositioning taking place in the precious metals which can support the dollar at this juncture as well. However, there are many uncertainties about the effectiveness of a new round of US fiscal stimulus or even whether it can be delivered any time soon. This in itself is a positive for the dollar, as it can collect a safe-haven demand. Meanwhile, the loonie has firmed in the past month, riding a backdrop of upside economic surprises and stronger commodity prices. Canada GDP grew 4.5% in May, followed by a further 5% (preliminary estimate) increase in June The Canadian economy kept rebounding and ongoing positive news on the data side may form a base for additional gains. Next week is not offering catalysts data-wise in Canada, so focus will stay on oil prices and the dollar as well as geopolitical developments driving risk sentiment. For energy markets, the supply-side is proving supportive. In the shale patch, firms have shifted their production profiles, providing tailwinds to crude oil prices as the bullish case for output growth grows more likely. USD/CAD levels In the above 15-chart, the bulls are stepping in to defend territory towards the Feb lows target area. A subsequent breach of the upside structure opens risk all the way back to higher. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Cryptocurrencies Price Prediction: Ethereum, Ripple & Tezos – American Wrap 11 Aug FX Street 2 years USD/CAD is on track to match the daily lows last seen in February 2020. Bears need to hold below current 15 min resistance and break below 1.3270. There is a focus on the price of oil, geopolitics and the US dollar's recent correction. USD/CAD bears are having a hard time taking out key levels on the way to the Feb lows as the greenback firms Recent weakness in the US dollar had been exacerbated by a significant buildup of net short speculative positions, although real yields have firmed on the back of Friday's move which has breathed some life back into… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.