crude oil woes

USD/CAD is Trading Flat as both Currencies Wage War for Control

USD/CAD Hourly (H1) Chart

USD/CAD: The pair is trading flat as both currencies wage war for control of momentum but lack strength for breakout rally. Positive crude oil price action and IEA assessment improvement underpin CAD, but it lacks strength for a breakout as the price of crude oil remains trapped inside familiar levels. Broad-based risk aversion keeps USD underpinned, but the dovish economic outlook in USA and concerns over the possibility of a spike in covid-19 victim count keeps USD under pressure resulting in pair trading Rangebound. At the same time, traders await macro data from US and Canadian calendars for short term profit opportunities. 

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