- USD/CAD gains 1.4% on the week, highest close since August 3
- Pandemic down channel from March broken with Monday surge
- USD/CAD participates in general US dollar recovery in the major pairs
- FXStreet Forecast Poll predicts consolidation not strong gains in USC/CAD
The US dollar returned to the offensive this week with a successful assault on the six-month old descending channel that began in the COVID-19 panic in March.
Monday’s open at 1.3204 coincided with the upper border of the channel and after a brief dip to 1.3171 the pair moved to and through the limit, paused at 1.3240 and then continued straight to 1.3300 and the Monday close at 1.3307. After Tuesday’s consolidation and close at 1.3304 the efforts in the three final sessions were almost identical with closes of 1.3387 on Wednesday and 1.3362 on Thursday. Friday’s end at 1.3388 brought the USD/CAD to its highest conclusion since August