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USDCAD

USD/CAD is Trading with Clear Dovish Bias

July 24, 2020
USD/CAD Hourly (H1) Chart
USD/CAD Hourly (H1) Chart

USD/CAD: The pair is trading with clear dovish bias, but the decline is very limited as CAD lacks the strength to build rally over the latest changes in demand outlook for crude oil. Escalating geopolitical woes over UK and China relations and recent US weekly crude oil stockpile data greatly affected oil prices, keeping decline in check. However, pressure from stimulus measures taken by the government keeps USD under considerable pressure causing pair to trade Rangebound within familiar price levels. Traders now await US data for short term profit opportunities. 

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