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USDCAD Under Pressure After Saudi Arabian Oil Supply Loss

USDCAD Under Pressure After Saudi Arabian Oil Supply Loss
USDCAD Under Pressure After Saudi Arabian Oil Supply Loss

USDCAD trades 0.37% lower at 1.3236 as traders turn their attention to commodity-linked currencies such as the CAD and NOK as crude oil prices trading over 10% higher at %59.90 per barrel. Fifty percent of Saudi Arabia’s output halted on Saturday evening after two oil facilities attacked by drones and that means that 5% of world production is offline.

USDCAD tested earlier today at the start of Asian trading session the 50-after the spike in oil prices. As the crude oil price retreats below $60 from daily highs at 63.34 the USDCAD rebounds and approaches daily highs at 1.3245. On the upside, immediate resistance stands at 1.3247 the daily high while more offers will emerge at 1.3277 the 100-day moving average. On the downside where traders had shifted their attention now,  the pair formed a strong support zone at 1.3134 which tested successfully for three days in a row in early September. Today the pair managed to rebound from the 50-day moving average at 1.3205. Intraday, immediate support for the pair stands at 1.3208 daily low while more bids will emerge at 1.3176 the low from September 12th.