USD/CAD: The Pair Continues to Trade in Favour of the US Greenback

USD/CAD Hourly (H1) Chart
USD/CAD Hourly (H1) Chart

USD/CAD: The pair continues to trade in favour of US Greenback, but its ongoing positive price rally has come to a temporary halt as traders await fresh cues for further directional bias. Better than expected US retail sales data and firm USD strength in the broad market kept pair from reversing recent gains today while CAD grew strong on improved crude oil price led by IEA revision to demand forecast. Traders now await US weekly crude oil inventory data, Fed and BOC members speech for short term profit opportunities, and directional cues. 

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