Fundamental Analysis, USD/CAD

USD/CAD Remains Trapped Within a Familiar Price Range Loop

USD/CAD: The pair remains trapped within a familiar price range loop of 1.4000 to 1.4200 as oscillating in crude oil price action causes high-level volatility. Today’s positive crude oil price albeit lack of solid gains resulted in CAD strengthening its hold over current levels. This caused the exchange rate to consolidate around mid-1.40 handle. But firm strength of USD bulls has resulted in pair aiming to retest 1.41 handle while traders await U.S. data for short term profit opportunities.

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TAGS: Fundamental AnalysisUSD/CAD

Karthik Subramanian
May 8, 2020

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