USD/CAD crumbles with crude downfall

In this week, the Canadian dollar has hit a massive crunch in the market, while the oil prices has continues to stoop lower with few steps down and one up. While the prices has been tumbled down once again with major changes in the stock market. On the other hand, the oil prices have continued to go down.

Oil prices has continued to take a step lower than ever, while there has been prices that have been tumbled once again alongside the stock market that has overshadowed the prices. On a recovery note, the prices are meant to be shallow while the prices of gold have actually the WTI or Brent, which happens to be in the lowest level a year.      

There has been a major worse off, while the Canadian (CAD) crude oil has shown a major discounted prices that have stoop lower than ever. It has a major increase in inventories, while the Trump is happily cheering Americans for the falling oil prices there has seen a trigger while there has been a recent downslide. There is a broader picture of oversupply while there is no actual demand in the market.      

The oil prices have remained a table of discussion, while there has been major inventory report that has been on Wednesday that has been standing out. In comments, there have been Russia, SA and Saudi Arabia while the prices may go up as there is a Canadian dollar.

Additionally, there are few noteworthy economic releases that has caused stir in the market. The current account of Canada has shown a major Q3 rise, which was likely to show one of the major deficits; while there have been major monthly bills on the occasion of a surplus.

In a most significant release there has been major GDP report which was about to come. This time, the publications has shown a major downfall with the last month of !3 while there has been a major come back in the quarter while there has been QoQ in a down path at Q1. The growth has been started slowing down in Q3.     

Major Highlights on USD/CAD:

  1. The Canadian Dollar (CAD) was hit with a major oil prices causing the downside in the currency again.
  2. There has a quarterly GDP figure which has hit last week on the November Month.
  3. There has been major technical picture which is bullish for the pair. In a short term, there has been major FX Polls which has caused a momentum while there has been a short term rise with the ongoing falls that has caused a major downward fall. 

CONCLUSION :

USD/CAD doesn’t seem to be appealing ‘BEARISH’