BREAKING: USDCAD surges as oil erases early gains

Early in the session OIL.WTI jumped to $82.70 as the G7 price cap came into effect today and investors digested the latest OPEC+ decision and easing covid restrictions in China which is a top oil importer. However the upward momentum faded away in the afternoon following upbeat ISM Services data and a potential increase in Libya's oil production. Also Saudi Arabia will lower oil prices for Asia to 10-month low.OIL.WTI once again failed to break above resistance at $83.00 and is currently testing local resistance at $79.00, a dramatic reversal as investors grew more risk averse, which hurt equities and boosted the dollar, making the commodity more expensive for holders of other currencies. Lower oil prices coupled with an 8% plunge of natural gas prices on warmer weather forecasts put pressure on loonie and pushed USDCAD pair to 1.3580. Pair broke above long term downward trendline and local resistance at 1.3570 and if current sentiment prevails upward move may accelerate towards key resistance at 1.3665.

OIL.WTI, H4 interval. Source: xStation5

USDCAD, H4 interval. Source: xStation5

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