USD/CAD is Trading with clear Dovish Bias

USDCAD Hourly (H1) Chart

USD/CAD: The pair is trading with clear dovish bias as CAD managed to gain the upper hand over the sharp recovery of crude oil price action. While USD rebounds in the global market, its outlook remains bleak over disappointing activity in the US bond market and increasing ineffectiveness surrounding Trump’s downplaying of the coronavirus impact. Traders now await an update on President Trump’s support measures and US API weekly crude oil stockpile data for short term profit opportunities. 

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