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USDCAD price, news and analysis:

  • USDCAD remains in a medium-term downtrend and is showing few signs of rallying despite Canada’s dispute with Saudi Arabia.
  • Following a small rise in USDCAD Thursday, a de-escalation of the row will likely prompt a fall.

Check out the IG Client Sentiment data to help you trade profitably.

USDCAD rally likely to be short-lived

USDCAD has edged ahead Thursday but its medium-term decline will likely resume soon as traders shrug off Canada’s dispute with Saudi Arabia. The Middle East nation has expelled Canada’s ambassador to the country and blocked imports of grain from Canada after a Canadian demand that jailed women’s rights activists in the kingdom be released.

However, the Saudi energy minister said Thursday that there will be no blocking of Saudi oil supplies to Canada after the Saudi government said late Wednesday that “neither the government nor the central bank or the state pension fund has issued any instructions regarding the sale of Canadian assets”.

Perhaps surprisingly, there was no responding fall in USDCAD.

USDCAD Price Chart, Daily Timeframe (April 23 – August 9, 2018)

Latest USDCAD price chart.

Chart by IG

As for the future, USDCAD will likely be influenced more by continuing talks on NAFTA, the North American Free Trade Agreement. Hopes are rising that the US, Canada and Mexico can reach a deal and that should support the Canadian Dollar and Mexican Peso.

Resources to help you trade the forex markets

Whether you are a new or an experienced trader, at DailyFX we have many resources to help you: analytical and educational webinars hosted several times per day, trading guides to help you improve your trading performance, and one specifically for those who are new to forex. You can learn how to trade like an expert by reading our guide to the Traits of Successful Traders.

--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex