USD/CAD: Despite broad-based USD’s weakness and the sharp decline of major long term US T.Yields to fresh decade lows, the pair is continuing to trade positively, and the price of pair remains steady above 1.36 handle. This move is made possible owing to the sharp decline of crude oil price in the global market. Given the $11 PB decline in both international benchmarks, commodity-linked currency Loonie has suffered a major blow with enough impact to outshine today’s sharp drop in USD’s value. Traders now await Canadian data for short term profit opportunity while the outlook remains in favor of USD.
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