As oil prices went up, the Canadian dollar was supported against the USD

As oil prices went up, the Canadian dollar was supported against the USD

By: Oliver Miller | Where To Trade | On:Friday, 9 December 2016
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   The USD went down for a eight-week low against the CAD on Friday. As oil prices went up, the Canadian dollar was supported. The American dollar was also supported, but broadly. 

USD/CAD hit 1.3161 during early U.S. trade, the pair’s lowest since October 20; the pair subsequently consolidated at 1.3182, slipping 0.08%. 

The CAD/USD pair found support at 1.3106, lowest on 20 of October and made it trough 1.3252, Thursday's high. 

   On Friday, oil prices went on a rally, due to oil producers to meet on Saturday in Vienna and discuss with non-OPEC countries on a future cut production, allegedly already supported by Vladimir Putin in Russia. The cut production sees a global supply cut and caused controversy between investors. 

In the mean time, the American dollar was supported by the perspective of Federal Reserve's policy meeting next week, that fed expectations for a future rate hike.

   A boost was given to the Greenback after the U.S. Labor Department declaration on jobless claims that fell to 258,000, just in line with expectation. 

The Loonie was sharp against the euro, EUR/CAD pair going down to 1.3929, by 0.51%.

Euro was under pressure after European Central Bank's declaration of extending its asset purchase program for nine months extra.

 

Oliver Miller

Oliver Miller

"Patience is the key for success"

Oliver Miller is one of the best financial analyst with 18 years of online trading experience

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