The USDCAD pair jumped to the highest level since the beginning of November on Tuesday as lower oil prices and the rebounding US dollar continue to put pressure on Canadian currency, which is highly correlated with crude prices.Tomorrow investors will focus on the Bank of Canada interest rates decision. Money markets broadly expect the BoC to raise its key rate by a slower 25 bps hike, but a second straight 50bps raise is not out of the question as policymakers weigh soaring inflation against a slowing economy.
USDCAD pair jumped to a 4-week high of 1.3665, which is marked with an upper limit of the 1:1 structure and 61.8% Fibonacci retracement of the downward wave launched in October 2022. If current sentiment prevails, an upward move may accelerate towards the 1.3800 level. USDCAD, H4 interval. Source: xStation5
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OIL.WTI continues to move lower and during today's session sellers managed to push the price below major support at $76.20 which is marked with previous price reactions and 78.6% Fibonacci retracement of the upward wave launched in December 2021. If bears manage to uphold current momentum, downward move may deepen towards November 2022 lows around $73.60. Source: xStation5
