Singapore
2020-04-13 16:55
Market analysisUSD/CAD Outlook (13 April 2020)
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Market analysis:
Overall, USD/CAD is ranging across. Recently, USD/CAD gapped lower earlier today when market opened after OPEC announced that together with its oil producing allies, they will cut oil production by 9.7 million barrels per day in May and June, ending the oil price war between Russia and Saudi Arabia. This led to the strengthening of the Canadian dollar.
Currently, USD/CAD is testing the support level of 1.39800 and the next resistance level is at 1.42250.
Canadian banks will be closed today in observance of Victoria Day. Lower trading volume and volatility is expected during the Canadian trading session.
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USD/CAD Outlook (13 April 2020)
Singapore | 2020-04-13 16:55
Overall, USD/CAD is ranging across. Recently, USD/CAD gapped lower earlier today when market opened after OPEC announced that together with its oil producing allies, they will cut oil production by 9.7 million barrels per day in May and June, ending the oil price war between Russia and Saudi Arabia. This led to the strengthening of the Canadian dollar.
Currently, USD/CAD is testing the support level of 1.39800 and the next resistance level is at 1.42250.
Canadian banks will be closed today in observance of Victoria Day. Lower trading volume and volatility is expected during the Canadian trading session.
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