USD/CAD is Continuing to Slowly Edge Lower for the 8th Consecutive Session

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

USD/CAD:  The pair is continuing to slowly edge lower for the 8th consecutive session with price declining below the 1.3500 handle as USD’s strength continues to wane in the global market proportional to an increase in risk appetite among global investors and hopes for economic recovery.

But gains were capped as Crude oil price has entered consolidation near monthly highs instead of continuing to further extend rally in favour of Canadian Loonie, resulting in price stagnating near the mid-1.34 handle. Traders now await US PMI data, EIA weekly crude oil inventory update, and BOC statement for short term profit opportunities and directional cues. 

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