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USDCAD overview 16.11.2020

USDCAD falls on positive data about a COVID-19 vaccine.

USDCAD continues to fall strongly on strengthening USD outflows after Moderna said on Monday its experimental vaccine was 94.5% effective in preventing COVID-19 – which added to the risk-on sentiment. This is the second USA vaccine in 3rd stage trials which has shown positive results in the prevention of COVID-19 infections. Moderna and Pfizer should be filing for approval within the next two to three weeks – which is fast approaching the time the mass vaccination will be possible. The pair is also falling on the positive CAD sentiment which is driven by the recent gains in oil prices on the same vaccine optimism affecting the global markets currently.

Expect seller on upward corrections.

Next support to watch 1.3010

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