Canadian dollar falls as copper prices slide.
USDCAD under the bullish pressure today under the effect of the strengthening bearish Canadian dollar sentiment as the copper prices fell to seven-week lows. Copper fell 3.6% as traders cut bets on higher prices due to growing concerns that China, which is top consumer of copper, would soon move to curb further price rises. Canadian dollar is under the bearish pressure as a result of this because Canada is a major exporter of commodities, including copper and oil. The pair is also dragged up on mild U.S. dollar bullishness as investors are waiting for guidance from the Federal Reserve on prospects for its bond-buying program.
Next resistance to watch – 1.2205