
US oil exports reached a record last week at five million barrels a day, according to Energy Information Administration data…
2020-06-23 • Updated
The Canadian dollar started this week with the positive footing. What’s the reason?
Despite fears of the second coronavirus wave, the risk appetite has come back on the market as most countries are easing their lockdowns. In addition, most economic indicators turned out better than expected, what gave a clear signal to investors that the global economy is recovering. As a result, oil prices rose on encouraging prospects and increased oil demand. In fact, today crude oil prices reached levels unseen since the coronavirus outbreak. The commodity-sensitive Canadian dollar followed the overall flow and surged too. However, if oil prices get stuck at the current level of $40, there won’t be any motivation for the further CAD growth.
Recently, the US dollar has shown a downward trend. The World Health Organization published the record daily increase in new coronavirus cases on Sunday. Surprisingly, most investors preferred gold to the US dollar in search for the safe-haven investment. If USD continues following this trend, CAD will gain.
The USD/CAD met the strong support at the 200-day moving average at 1.3475. If it manages to break it down, it will clear the way towards the 3-months low at 1.3375. Nevertheless, if bulls get stronger, the pair will rise to the resistance at the week-high at 1.3630. The move above this level may push the price up to the 100-day moving average at 1.3780. Follow news and catch the market movement!
US oil exports reached a record last week at five million barrels a day, according to Energy Information Administration data…
The past two years have seen the biggest swings in oil prices in 14 years, which have baffled markets, investors, and traders due to geopolitical tensions and the shift towards clean energy.
The oil prices rally and world central banks’ dovish monetary policy caused by the Covid-19 pandemic were the main reasons for current inflation growth…
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
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