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USDCAD Hit Fresh Low as US Crude Oil Broke above the 48 Dollar Mark

USDCAD Hit Fresh Low as US Crude Oil Broke above the 48 Dollar Mark

Ryan Cox, Contributor

Talking Points:

US crude oil extended the rally from late last week, with prices climbing above the $48 mark. The sharp advance was largely attributed to recent comments from the Organization of the Petroleum Exporting Countries (OPEC), with the group ready for talks with other global producers to ensure ‘fair prices’. Moreover, a report out of the U.S. Energy Information Administration (EIA) showed outputs were lower than previously expected, with the figures for June showing a 100K b/d drop to 9.3M b/d.

In light of the historical relationship, the pop in oil was accompanied by a near-term decline in USD/CAD, with the pair dipping back below the 1.3200 handle.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.