USD/CAD Analysis: Impact of Rising Oil Prices on Forex Market
Monday, 9 September 2024, 13:35
Key Factors Affecting USD/CAD
The USD/CAD currency pair has experienced notable fluctuations recently. As market sentiment remains positive with the US Dollar showing strength, the pair struggles to break above the 1.3600 level. Rising oil prices continue to play a critical role in this dynamic.
Fundamental Analysis of USD/CAD
- Oil Prices Impact: Rising crude prices have led to a stronger Canadian Dollar, affecting the USD/CAD exchange rate.
- US Economic Data: Recent economic indicators from the US have bolstered the Dollar but not enough to push USD/CAD higher.
Technical Analysis Insights
- Resistance Level: The 1.3600 level serves as a strong resistance that the pair has struggled to overcome.
- Trend Analysis: Indicators suggest a prevailing downward trend for USD/CAD in the short term.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.