Fundamental Analysis, USD/CAD

USD/CAD Continues to Test Fresh Multi-Month Lows as CAD Grows

USD/CAD: The pair continues to test fresh multi-month lows as CAD grows strong with each passing day crude oil price makes solid gains. This has resulted in commodity-linked currency Canadian Loonie finally making a bearish breakout providing the pair with a clear downward directional bias.

As USD is also weighed down by multiple factors, the pair continues to fall sharply, having tested an intra-day low of the 1.3482 handle and consolidating around 1.3510 as traders await US API weekly stockpile data for the short term profit opportunities.

Please feel free to share your thoughts with us in the comments below.

TAGS: Fundamental AnalysisUSD/CAD

Karthik Subramanian
June 3, 2020

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