Fundamental Analysis, Oil, USD/CAD

USD/CAD Trades Positive Over Sharp Decline in Crude Oil Price

USD/CAD: The pair trades positive, and while it managed to test 1.41 handle over cues from a sharp decline in crude oil price and energy sector shares activity, it has moved back below the 1.4100 handle. While CAD is weak, the impact of the Fed and US government support package keeps weighing down USD resulting in pair unable to see sharp upside movement. A recovery in crude oil price action should push the price below 1.405 handle, but decline below 1.40 is unlikely as long as USD holds firm.

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TAGS: USD/CAD

Karthik Subramanian
April 21, 2020

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