Yesterday’s #trade #trading

Yesterday’s trade (in GMT terms) saw USD/CAD within the range of 1.3109-1.3191. The pair closed at 1.3120, edging down 0.26% compared to Monday’s close. It has been the 145th drop in the past 312 trading days and also a second consecutive one. The daily high has been an exact test of the high from August 8th. The major pair has trimmed its advance to 0.71% so far during the current month, following a 0.80% gain in July.

At 7:57 GMT today USD/CAD was edging down 0.32% on the day to trade at 1.3078. The pair touched a daily high at 1.3126 during early Asian trade, undershooting the daily R1 level, and a daily low at 1.3052 during the early phase of the Asian trading session as well.

Meanwhile, crude oil futures marked their 92nd drop out of the past 167 trading days on August 9th. Oil for September delivery went down as low as $42.47 per barrel and closed at $42.77, edging down 0.58% compared to Monday’s close. As of 8:12 GMT today the commodity was retreating 1.36% to trade at $42.19, after going down as low as $42.12 per barrel earlier. Crude oil prices and CAD valuation tend to be strongly positively correlated.

On Wednesday USD/CAD trading may be influenced by the following macroeconomic reports as listed below.