USD/CAD Sets to Reclaim 1.2500 Near 9-Week Low on Easier Oil, Stronger USD
Login

USD/CAD Sets to Reclaim 1.2500 Near 9-Week Low on Easier Oil, Stronger USD

Estimated Reading Time: 2 minutes

Azeez Mustapha

Updated:


USD/CAD is recovering around a 2-month low, rising by 0.12 percent around in-day 1.2500 during the early hours of today in Europe. To do this, the pair recorded its 1st daily gains in 10 as the value of Canada’s main export substance (crude oil) dropped. Another factor promoting the pair’s value is the risk-off feeling, and stronger yields, which strengthened the dollar.

Factors Behind the New Found Strength
Also, the WTI crude oil value records 1.9 percent in-day loss while dipping to $109.70 by news time. The crude oil’s new weakness could be connected to the lock-down caused by covid in China. It is important to know that the attacks on the Houthi Saudi Arabia oil facility and the struggle between Russia and Ukraine are keeping oil traders optimistic.

money 4740120 640

Somewhere else, the US ten-year Treasury yield rises by 5.4bps to the highest level ever reached since the fifth month (May) in 2019 near 2.54 percent by news time, and this subsequently pushed the DXY(Dollar index) towards a 2-week high. Another factor strengthening the USD/CAD is the increasing tension between Russia and the West, and the indecision about the Kyiv-Moscow discussion.

As opposed to this background, the S&P 500 Futures regresses from a 7-week high, fell by 0.33 percent in-day around 4,521 by news time.

Going forward, the US goods Trade Balance and Wholesale stocks for last month (February) can control in-day moves. Nevertheless, the main attention will be on the risk promoters, which consist of headlines about the Struggle between Ukraine and Russia, covid reports, and yields.

You can purchase Lucky Block here: Buy LBlock

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News