What Is The Impact Of The Crude Oil Market On USD/CAD At The Beginning Of The Week? - Kakiforex.com - Financial Market Media No. 1 in the World What Is The Impact Of The Crude Oil Market On USD/CAD At The Beginning Of The Week? What Is The Impact Of The Crude Oil Market On USD/CAD At The Beginning Of The Week?
InstaForex

September 14, 2021

What Is The Impact Of The Crude Oil Market On USD/CAD At The Beginning Of The Week?

 The price movement on the chart of the USD/CAD currency pair was seen to be more flat and slightly lower in Monday's trading yesterday compared to the surge displayed at the end of last week.


Last Friday, the price managed to jump from the support zone of 1.26000 to the level of 1.26900 before moving the price flat below that high level in trading that continued at the beginning of yesterday's week.


Analysts saw the rise in prices dampened by oil market sentiment that supported the Canadian dollar earlier in the week as investors began to be wary of the movement of the US dollar ahead of US inflation data to be published in the New York session tonight.


Oil prices rose following reports of the threat of a tropical storm hitting the Texas Gulf coast that was seen to affect production.


But investors are also cautious to trade the Canadian dollar ahead of Canadian inflation data to be released on Wednesday.


The price movement on the USD/CAD chart remained slow throughout the Asian session this morning but showed a slight increase to pass the Moving Average 50 (MA50) barrier to give a bullish signal.



Rising prices will be assessed on whether it is able to surpass the highs reached last week at 1.27600.


Next, the resistance zone 1.28000 will be the focus of the price to record the latest highs for the 3 -week trading period.


However, if the price decline occurs, the 1.26000 support zone that was the focus at the end of last week will be tested again.


The lower decline below the zone will continue the bullish trend with the expectation that the price may reach back to the support zone of 1.25000.