Never miss a story from Martin Essex

Subscribe to receive daily updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Martin Essex

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

CAD price, news and analysis:

  • The Canadian Dollar is beginning to edge lower as the price of crude oil – production of which is a major sector of the Canadian economy – has eased back this week.
  • That has helped USDCAD, although the advance could be short-lived.

USDCAD lifted by easing crude oil price

The price of crude oil has eased gently this week after strengthening throughout the year so far on tight supplies and concerns about output from Venezuela, and that has begun to undermine the Canadian Dollar. However, CAD has slipped only modestly and the consequent rally in USDCAD could well run out of steam.

As the chart below shows, the USDCAD price has yet to break through resistance at a trendline joining this year’s lower highs and a sustained break above 1.32 would be needed to confirm a change of direction.

USDCAD Price Chart, Two-Hour Timeframe (December 31, 2018 – February 6, 2019)

Latest USDCAD price chart.

Chart by IG (You can click on it for a larger image)

For now, the crude oil price is suffering from reports that the American Petroleum Institute has estimated that US crude inventories rose by a hefty 2.5 million barrels in the week that ended on February 1. However, the impact has been offset by a report in The Wall Street Journal that Saudi Arabia and its Persian Gulf allies are proposing a formal partnership with a 10-nation group led by Russia to try to manage the global oil market.That should limit the downside, and therefore the effect on the Canadian Dollar.

More to read:

CAD News and Analysis

How to Trade Crude Oil

Eight Surprising Crude Oil Facts

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:

--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at or on Twitter @MartinSEssex