Home Analysis USD/CAD breaks below the major support level at 1.25000 mark

USD/CAD breaks below the major support level at 1.25000 mark

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USDCAD breaks below the major support level at 1.25000 mark - forexspacex.com

The commodity and energy prices posted a massive rally in this week amid the Russia’s military intervention in Ukraine. Canada exports many commodities such as crude oil, gold, aluminum and iron with huge industrial application. Therefore, investors turned towards the Canadian dollar in this commodity bull market. The Canadian dollar registered significant gains from last nine consecutive trading sessions. Consequently, USD/CAD breaks below the major support level at 1.25000 mark. The USD/CAD posted a second consecutive weekly loss of over 1% and is expected to extend the decline towards 1.2400 mark in the next few trading session.

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