USDCAD

The USDCAD pair dropped today as investors reacted to the price action in the oil market. The pair slipped from...

The USDCAD pair rose by more than 70 basis points as a dark cloud loomed over the Canadian economy. Justin Trudeau is now combating two problems at the same time. Oil price is slumping while the number of coronavirus cases is slowing.

USDCAD gives up gains after worse than expected initial jobless claims. The U.S. Jobless Claims came in at 5245K above the market consensus of 5105K in the week of April 10

USDCAD pares early losses as the crude oil price slumps to $21.39. The United States Redbook Index dipped to -8.3% on April 10, from the previous 0.9%, the yearly reading came down to -2%

The technical setup on USDCAD suggests that the currency pair may soon revisit its multi-year highs after labor data from Canada shows record number of job losses in March. As of this writing, the currency pair is down over 370 pips from its weekly high.

USDCAD fluctuates between the 50 and 100-hour moving averages after historic terrible employment data from USA and Canada. The United States Initial Jobless Claims

USDCAD trades 0.31% higher at 1.4035 after the Canadian Building Permits declined by 7.3% in February, below the forecasts of -4.5% while the Housing Starts came in at 195K beating the expectations of 180K in March.

USDCAD has been trading in a symmetrical triangle as of late. This means that the currency pair would soon be due for a breakout. Will the ongoing talks between Saudi Arabia and Russia on oil production cuts trigger a downside break?