The USD/CAD is trading close to 2003 levels on Thursday, failing to maintain the earlier moderate gains based on the brief relief in oil prices. Pair made multiyear high at 1.4382 levels. In the absence of major economic…
The USD/CAD is trading close to 2003 levels on Thursday, failing to maintain the earlier moderate gains based on the brief relief in oil prices.
Pair made multiyear high at 1.4382 levels.
In the absence of major economic data from Canada, Canadian dollar is driven by oil prices.
Oil markets continued to struggle on Thursday, ending up right back at 13-year lows with fundamentals still favouring the bears after a short and unsuccessful rally.
Futures for West Texas Intermediate crude oil were down 0.10%, trading at $30.48 per barrel.
To the top side resistance levels are seen at 1.4418 and 1.4495 levels.
Alternatively, reversal from this level may take the parity towards 1.4302 and 1.4225 support levels.
