US Dollar versus Canadian Dollar Withdraws from Every Week High Lower than 1.2800s on Smooth Oil, Geopolitical Worries

Updated:

USD/CAD relaxes from weekly height as it strained to elongate the 4-day upward trend movement during yesterday’s initial Asian session. USD/CAD undulated near 1.2765 as at the time of report.

While doing this the USD/CAD traders got information from the latest smooth West Texas Intermediates Oil value, Canada’s major export item while fighting the Canadian dollar traders during unfavorable market feelings.

Fundamental Factors Affecting the Market
Backward probabilities of a diplomatic answer to the strife between Russia and Ukraine delivered a new hit to the pair’s desire for risk as the US canceled the scope of a summit between the US President (Joe Biden) and Russian President (Vladimir Putin). At the same time were remarks from US Secretary of State Antony Blinken who rejected the need for a meeting with the Russian Foreign Minister (Sergei Lavrov).

Market’s feelings recently turned unfavorable following the recognition of parts of eastern Ukraine as autonomous states by the Russian President and the endorsement of a law “on friendship and active help”.

We should also recall that the West Texas Oil value recorded 1st daily ending while regressing from the new 8-year high, which is lately smooth near $91.30.

In the midst of these factors, S&P 500 Futures and the US ten years T- yields(Treasury yield) remain slow after dropping 1 percent gaining about 2 percent every day in that order yesterday.

Moving on, the economic agenda looks less heavy today and as such risk promoters, also Fedspeak will remain in control of the market.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.