The Canadian dollar continued advancing against the US dollar in the new month and quarter. USD/CAD got close to the 1.0150 support line several times in the previous week, and this was finally broken, after a battle. The loonie enjoys the relative calm in Europe, after the EU Summit. In addition, the leap in the price of oil (mostly on Iran) pushed the pair closer to parity. European relief (for now) Canadians enjoyed a long Independence Day weekend and also their currency enjoyed gains. This cam despite the sour mood from the US, its biggest market. ISM Manufacturing PMI fell into contraction territory and badly disappointed. Nevertheless, markets in Europe remain calm despite the doubts about the EU Summit. Holland and Finland expressed their rejection to using the bailout funds to buy bonds directly. They don’t have a majority to overrule the decision, but this is certainly not helping. Nevertheless, the promises hold for now. Oil on the rise The C$ enjoys the rise in oil prices. WTI Crude jumped from around $84 to $88 before retreating. Brent topped $100. As an exporter of oil, Canada enjoys rising prices. It’s important to note that falling oil prices didn’t hurt the currency so much. The reason for rising oil prices is mostly Iran: Iran made a test of medium range missiles, capable of hitting Israel. Talks between Iran and the 6 nations (permanent UN security council members + Germany) are basically on the verge of collapse. The Iranian parliament is discussing a law that will close the Straights of Hormuz to ships of nations involved in an oil embargo against it. The EU oil embargo came into effect on July 1st. In recent months, when Iran was out of the picture, oil reacted to worries and hope of global growth. It now focuses on Iran, ignoring the warning sign from the US manufacturing PMI. On the charts, USD/CAD has quite a bit of room to fall: 1.0050 is the next line, followed by the obvious line of parity. 1.0150 is now resistance. For more, see the Canadian dollar forecast. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next Housing Sector Recovery Critical for US Growth Yohay Elam 11 years The Canadian dollar continued advancing against the US dollar in the new month and quarter. USD/CAD got close to the 1.0150 support line several times in the previous week, and this was finally broken, after a battle. The loonie enjoys the relative calm in Europe, after the EU Summit. In addition, the leap in the price of oil (mostly on Iran) pushed the pair closer to parity. European relief (for now) Canadians enjoyed a long Independence Day weekend and also their currency enjoyed gains. This cam despite the sour mood from the US, its biggest market. ISM Manufacturing PMI fell… 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.
