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USD/CAD falls for the third week in a row

FXStreet (Córdoba) - USD/CAD gained ground on Friday and trimmed weekly losses. The pair that bottomed on Thursday at 1.2831 rose on Friday and peaked at 1.2939 during the US session.

It was about o end the week around 1.2910/15, less than 40 pips below the level it had a week ago and far from the highs that lie at 1.3080.

On Friday, the US dollar rose across the board pushing USD/CAD to the upside, despite a recovery in crude oil prices and Canadian economic data.

Data ahead

Next week no economic report of great impact will be release in the US. Attention would lie over the words of some Federal Reserve officials. In Canada the main event will be the monetary policy decision of the Bank of Canada (BoC). No change in rates is expected. “In our view, BoC policymakers will remain on hold next week to wait for incoming data. In that regard, August data on retail spending will print on Thursday and September CPI data are on the docket on Friday”, said analysts from Wells Fargo Bank.

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