USD/CAD is Moving with Clear Directional Bias in Favor of US Greenback

USDCAD Hourly (H1) Chart

USD/CAD: The pair is moving with clear directional bias in favor of US Greenback as USD rides momentum influenced by declining crude oil price action. The buildup of global crude oil inventory stockpile affects the strength of commodity-linked currency Canadian Loonie while broad-based risk aversion underpins USD. The pair is now moving steadily above 1.42 handle while traders await US macro data for short term profit opportunities.

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

Was this post helpful?