USD/CAD: The Pair is Trading Positive in the International Market

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

USD/CAD: The pair is trading positive in the international market, despite USD’s prevalent weakness as Crude oil price has entered a consolidative phase with demand outlook taking a turn for the worse as Saudi Arabia & Russia ask laggards in OPEC cartel to comply with existing supply cut agreement before they can begin talks about extending the agreement further. This has greatly affected the mood surrounding commodity-linked currency Canadian Loonie resulting in the price of pair moving back above 1.35 handle. Traders now await the US and Canadian macro data and speech from BOC deputy governor for short term profit opportunities and directional cues.


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