Fundamental Analysis, USD/CAD

A Sharp Decline in the Crude Oil Price Helped the Pair test 1.35 handle

USD/CAD: A sharp decline in the crude oil price helped the pair test 1.35 handle earlier in the day as CAD lost most of its fundamental support. But USD failed to build a recovery rally despite its firm strength and Loonie’s weakness over pressure stemming from Fed forward guidance update, which put considerable pressure on USD bulls. The pair is now holding firm above 1.345 while awaiting US data for short term profit opportunities and directional cues.

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TAGS: FEDFundamental Analysis USDCAD

Karthik Subramanian
June 12, 2020

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