crude oil woes

USD/CAD Trades with Clear Positive bias as US Greenback Remains Underpinned

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

USD/CAD: The pair is trading with clear positive bias as US Greenback remains underpinned by broad market cautious tone. A sharp decline in the crude oil price, which ate away at the previous session’s gains weighed down CAD considerably, causing the price to move above the 1.41 handle. But the rally was capped slightly below the 1.415 handle as US payroll data disappointed. Traders now await US headlines for short term profit opportunities and directional cues.

Please feel free to share your thoughts with us in the comments below. 

Was this post helpful?