The crude oil market traded steady in the Asian session on Tuesday morning following a report by the coalition of petroleum exporting countries along with allies, OPEC+ is monitoring the development of the black gold to ensure price stability.
However, crude oil prices have previously shown a decrease due to the significant strengthening of the US dollar currency in the market with the signal of continued policy tightening by the Federal Reserve (Fed).
This situation also has an impact on the trading of the oil-sensitive currency, which is the Canadian dollar, which has seen a decline to the lowest level since May 2020 compared to the US dollar.
It can be observed that the price movement on the chart of the USD/CAD currency pair has displayed a bullish pattern for the past 2 weeks with the price increase still continuing at the opening of the market earlier this week.
After the price closed the trade at the end of last week around the height of 1.36000, the price continued to increase on Monday yesterday until it reached a new 2-year high of 1.38000.
However, the drop in prices was displayed in the Asian session this morning following the opening of the European session following better developments on the crude oil market.
Even so, analysts still assess the price movement on a bullish trend where the price remains above the Moving Average 50 (MA50) support level on the 1-hour time frame on the USD/CAD chart.
If the price continues to rise, the resistance at the 1.3800 level reached yesterday in the previous New York session will be tested again.
Successfully surpassing the obstacle, the price will record the latest high level in 2 years with a target of around 1.41000.
