The USD/CAD pair following ISM manufacturing report which rose for the month of December to reach 53.9 better than forecasted 53.4, taking into consideration that the US data for November and December was better than expected till now, not to forget that holiday season strengthened economic activities in USA.
Now, eyes will be spotted on this year, and the performance of the European economy, especially after the ECB lent the European banks huge amount of money, and if that money will help the euro zone to continue recovery process amid big challenges.
The USD/CAD pair could still rise if pessimism continues to dominate markets, as uncertainty remains the main theme in markets, and that could also lead to deep fluctuations for the USD/CAD pair.
Wednesday January 4:
No economic data will be released from Canada so eyes will still focused on Europe and the crises that could cause any change in trading.