USD/CAD

Loonie Sees Weakened Movement Over Decline in Crude Oil Price Action

USD/CAD: The US Greenback finally managed to breach past the 1.34 handle as Loonie weakened over the decline in crude oil price action. Crude oil price turned soft over sharp build in US weekly crude oil stockpile data and unexpected move by OPEC on supply cut decision, but USD’s gains were capped as US T.Yields are low amid expectations for another rate cut by Feds. Traders await a speech by US & Canadian central bank members for short term profit opportunities.

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TAGS: Technical analysisUSDCAD

Karthik Subramanian
March 6, 2020

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