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Tensions between Saudi Arabia and Canada put pressure on the CAD. The conflict happened because of the arrest of activists for civil rights in Saudi Arabia. As a result, Saudi Arabia frozen trade relationship with Canada, Saudi Arabia expelled the Canadian Ambassador, moreover, Saudi Arabian airlines canceled all flights to Toronto.
The conflict has been escalating since Monday. As a result, the loonie has been suffering depreciation since then. USD/CAD has broken above the pivot point at 1.3017 and has tested the resistance at 1.3067. The resistance is strong. In case of news on the conflict’s escalation, the pair will be able to break the resistance. Otherwise, it will keep trading near it.
Brent has been trading near $74.65. The 100-day MA is a good support for it, but the data should be encouraging as well. A decline in the data will pull the Brent prices up to $75.15 (50-day MA). The next resistance is at $76.90. If the data isn’t encouraging, the prices will go to the pivot point at $73.50.
The WTI trading is uncertain. Traders are waiting for the data/ Encouraging figures will pull the prices up to $70.34. Otherwise, they will fall to the pivot point at $68.65 (50-day MA) and then to $68.20 (100-day MA).
That’s all for today! Follow market news with FBS!
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