Forex Trading : Although the extent to which the US dollar moved in front of the Canadian dollar is narrow somewhat this week, but the Canadian dollar has made little progress on the US dollar, which continues to rise against major currencies without stopping and reached the US dollar index to its highest level in 11 years.
Helped the rise in crude oil prices and stability above $ 50.00 per barrel as a result of geopolitical tensions in Libya and Iraq and increasing concerns about supplies from the rise of the Canadian dollar relative during this Elsobooa until this moment.
Also, the issuance install interest rate decision yesterday on the Canadian dollar at 0.75% was a contributing factor to the high Canadian dollar and wait for today's construction and trade balance statements from the Canadian economy in addition to the labor market data from the US economy may have this data a significant impact on the movements of the pair.
At the technical level, the 1.2400 level has become a new support after the rebound that we have seen from this level towards the 1.2500 area yesterday, while the pair is trading at exactly 12:40 GMT at 1.2460.