USD/CAD Bullish Due to Sharp Decline in the Global Crude Oil Price

USD/CAD Hourly (H1) Chart
USDCAD Hourly (H1) Chart

USD/CAD: Unlike its decline against other major global peers, the US Greenback has managed to maintain a positive price action against Canadian Loonie. This positive price action stems from a sharp decline in the global crude oil price, which has weighed down commodity-linked currency Canadian Loonie considerably. While the pair fell as low as the 1.373 handle, it has managed to rebound back above 1.39 handle once USD firmed up in the global market during the mid-European session. A further decline in crude oil price action would result in USD scaling 1.40 handle over CAD weakness driven momentum. 

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