The week was positive for the greenback. The US dollar index managed to set new highs near $93.50.
USD/CAD: forecast for Sept. 4-8
The pair was hit both by the US problems and Canada’s bright economic figures. The CAD strengthened even as oil prices slipped in the wake of hurricane Harvey, which has paralyzed a quarter of the US refining industry. Report released on Thursday showed that Canadian GDP grew at 4.5% annual pace in the second quarter, at the fastest pace since 2011. In addition, Mexican Economy Minister said on Thursday that Mexico and Canada would remain in the North American Free Trade Agreement even if the US administration abandoned the accord.
The pound is highly volatile after a Brexit referendum. Have a look what other factors affect the UK currency. And get clues on future movements of GBP.
This is Forex trading plan for Thursday, May 24…
It seems like the rally of the greenback has ended. On Monday, the US dollar index tested levels near $94, however, closed below $93.50.