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May, 7 - CAD is pulling through lower oil prices

USD/CAD pair is having a somewhat rough day today as WTI oil – the main benchmark according to which Canadian dollar is regulating its price against the greenback – has lost about 1 percent of per-barrel price and has gone into a pretty rough selloff. The swings in CAD price seem pretty rough. Jumps are unpredictable and swift. We are waiting for the performance of CAD to stabilize. That can be expected tomorrow as weekly API data are going to come in.

 

usdcad 7.05.2019

 

CAD was on the lowest point in the morning, but right now it is safe to say that we are seeing a very strong recovery. After all oil is not the only asset in trouble and as traders understand that US-Chinese relations are only going to become worse and worse other currencies have all the possibility to become stronger.

 

Will WTI lift CAD’s price against the greenback? Only the trading signals are going to tell us about that!

 

Lang

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