Home Corrected: USD/CAD rising towards 5 year high as oil
Forex News Today: Daily Trading News

Corrected: USD/CAD rising towards 5 year high as oil

WTI Crude Oil continues falling, and now trades at $77.50. Brent Oil is also on the fall, trading at $83.20. These are fresh falls, without any known immediate trigger.

The Canadian dollar is falling, with USD/CAD trading at 1.1370, just 14 pips away from the highest level since 2009, which was 1.1384 recorded on October 15th.

For oil, the basics remain the same: lower forecasts for global growth mean lower demand, while rising supply from Libya, Saudi Arabia and the United States’ shale oil  mean glut.

The relevant  price for Canadian oil, coming out of  Alberta tar sands as well as other  places is the West Canada Select, but all oil prices are correlated.

Yesterday, Saudi Arabia reported a rise in oil prices in which it sells to Asia, but a cut in prices of oil sold to the United States. This means more pressure for Canadian oil as well. The prices of oil fell already then, but the moves accelerated now.

More:  Chasing Down The Barrel For CAD.

Canadian dollar USD close to record as oil prices lowest since October 2011

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.