FX: Will USD/CAD Decrease Amid Rising Crude Oil Prices? How High Can Canadian Dollar Go?| FXMAG.COM

USD/CAD Has More Room To Fall, Oil To Rise Further

USD/CAD refreshed daily low at 1.2854, a level last seen on June 16 after breaking below the key support at 1.2870. The downside pressure is due to the recovery in oil prices above $110.00.

Canada is one of the biggest oil exporters to the US. Therefore, higher oil prices result in higher inflows of funds to Canada. Following the Russian oil export ban by the Western countries, investors await OPEC's next move to meet global demand.

ICM.COM Market Updates

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ICM.COM Market Updates

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