crude oil woes

USD/CAD Scales above 1.38 as Crude Oil Price Declines

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

USD/CAD: The pair has managed to scale above 1.38 handle as Crude oil price declined by $2 per barrel in the global market today. With escalating price war surrounding crude oil and increased glut scenario for the quarter ahead, CAD continues to lose ground against US Greenback providing USD bulls with fundamental support to trade on a positive note despite prevalent broad-based sell-off and dovish pressure on USD. Traders now await US macro data for short term profit opportunities. 

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