USD/CAD 1.01 Consolidation near the pass, cautious ahead of the EU summit

On Thursday (December 8th) at the beginning of the European market, USD/CAD rallied around the 1.0100 mark.

Some analysts pointed out that the US dollar/Canadian dollar was turbulent on Wednesday (December 7th), and the recent one-month low of 1.0066 was refreshed. The rebound was hindered by the 5-day moving average. The daily MACD is bearish, and the stochastics are also in oversold territory. The important support below the exchange rate is at 1.0050, then the 120-day moving average at 0.9968.

At the same time, if the results of the European Central Bank's interest rate meeting and the EU summit are optimistic and the US dollar index falls below the 21-day moving average, the USD/CAD will continue its downward trend.

The EU summit will be held today and tomorrow. German officials expressed pessimistic sentiment about the forthcoming EU summit and believed that there is little opportunity for the summit to propose effective solutions. However, the market still expects that the European Central Bank may announce a rate cut to promote economic development, partially offsetting the pessimistic atmosphere.

Current commodity and crude oil prices remain strong, supporting the Canadian dollar upward, but before the results of the EU summit announced, market sentiment remained cautious and the USD/CAD fluctuation range was narrow.

Day-to-day data is concerned about the start of new housing starts in Canada in November at 21:15 GMT, and the October Canadian New Home Price Index at 21:30. Investors need attention.

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