USD/CAD’s Price Action is Trading Mostly Flat Today

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

USD/CAD: The pair is trading mostly flat today as both sides fight for control of price action. While USD is underpinned by broad-based risk aversion and safe-haven demand, worse than expected payroll and unemployment rate data from the US prevented USD bulls from gaining the upper hand. Positive crude oil price in international market underpins CAD, but doubts and concerns surrounding proceedings of Saudi-U.S. Peace talks and investor reluctance ahead of official statement from OPEC+ members on ongoing production cut agreement discussing keeps CAD from gaining the upper hand. The pair will continue to hold steady and close for the week well within 1.41 handle. 

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