The Canadian dollar succeeded in perpetuating the strengthening momentum against the US dollar for the fourth week in a row driven by the sentiment in the crude oil market in addition to the depreciation of the US dollar value.
Being Canada's main export, crude oil prices are expected to rise as reports of an attack on the largest fuel pipeline in the United States (US) forced operations to stop.
On the USD / CAD currency pair price chart, the price has recorded a decline to its latest low since September 2017.
Last Friday, both currency became the foundation when the Canadian employment data report and the US NFP were published together.
Both reports recorded disappointing readings and failed to inject support for their respective spikes in currency values.
Even so, the US dollar is seen as moving weaker compared to the Canadian dollar pushing prices to close last week's trades at weekly lows around 1.21200.
The price continues to move below the moving average barrier level 50 (MA50) on the frame of the 1 hour price movement to signal a bearish trend.
The decline in prices earlier this week is slow but is expected to head towards the support level 1.20500 for the price to continue to record its latest 4 year low.
For the situation of increasing prices as well, the obstacle at level 1.21800 will be tested first before the price also goes to the SBR zone (support become resistance) 1.22700.
