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USD/CAD has cleared important support over Bank of Canada's (BOC) monetary policy decision which kept rates at hold and sounded more optimistic about country's growth prospect.
- Stronger US economy will be an added advantage to Canadian dollar against other. Canada exports most of its merchandise and resources to US.
However Canadian dollar bulls were not able to play the improvement to the upside amid weaker oil prices which has high correlation with Loonie and accommodative monetary policies by BOC.
However recent break of important support by the pair, will help loonie bulls to play the US growth card against other pairs namely Euro and Aussie. Pound and Mexican peso also has potential to move down against loonie.
To boost the bulls, another set of hard fact is presented in the chart that shows since April last year US oil imports from Canada has been increasing over imports from others.
Major loser turns out to be Saudi Arabia, whose heavy oil is facing tough competition from Canadian counterpart. Oil exporters to US will have to find other customers now, probably to the east.
Loonie is currently trading at 1.224 against dollar, bears are looking to hit 1.19 level in the short term. Resistance remains at 1.235-1.24. While loonie remains vulnerable to oil price, economy will keep benefiting from underlying changes.
