USD/CAD Technical Analysis, WTI CAD Fundamental Overview
USDCAD has reached a 1 year high @1.2965. Breaking through the 1.2960 resistance could lead USDCAD to push towards 1.3020.
Canada Core Retail Sales came out under expectations (1.3% vs 1.6%), reinforcing with fundamentals the technical analysis.
Omicron is now the dominant COVID strain in US, with new cases soaring in Canada as well. Tighter measures have been put in place on Monday, as Quebec shuts down schools, bars, gyms.
WTI price is still under pressure despite the recent rebound, likely a reaction to the new wave of omicron virus is hitting US and Europe, with the new restrictions from countries (still not in place in certain large markets, but are being studied) may reduce the demand of WTI and put heavy pressure on its price.
CAD is one of the major commodity currencies which is highly correlated with WTI’s price, so lower price on WTI will push USDCAD trend to go higher as weaker CAD is expected.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party
Canada Core Retail Sales came out under expectations (1.3% vs 1.6%), reinforcing with fundamentals the technical analysis.
Omicron is now the dominant COVID strain in US, with new cases soaring in Canada as well. Tighter measures have been put in place on Monday, as Quebec shuts down schools, bars, gyms.
WTI price is still under pressure despite the recent rebound, likely a reaction to the new wave of omicron virus is hitting US and Europe, with the new restrictions from countries (still not in place in certain large markets, but are being studied) may reduce the demand of WTI and put heavy pressure on its price.
CAD is one of the major commodity currencies which is highly correlated with WTI’s price, so lower price on WTI will push USDCAD trend to go higher as weaker CAD is expected.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party
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