Don’t waste your time – keep track of how NFP affects the US dollar!

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Follow us on Facebook

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

FBS Mobile Personal Area

FREE - In Google Play

View
CAD gained on stronger oil

CAD gained on stronger oil

Information is not investment advice

The Canadian dollar started this week with the positive footing. What’s the reason?

Oil rally

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.

Weak USD

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.

Technical tips

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!

USDCADDaily.png

LOG IN

Similar

Popular

NFP Number Will Drive Markets

US stocks are set to open lower Friday, with investors worry over rising tensions between the US and China, deadlock over the next virus relief bill and possible disappointments from the key monthly employment report.

Choose your payment system

Learn more