2017 has begun in full thrust: the holidays are fully over with North American and British traders getting back to their desks. In the dawning days of the new year, we seem to get a resumption of the trend seen in 2016: a stronger US dollar. And once again, the rise of the US dollar lacks the inverse correlation with oil prices. The greenback rises on hopes for fiscal stimulus from the Trump administration, leading to higher inflation and higher rates. Oil prices are extending their gains as OPEC begins implementing the accord reached late in November. Kuwait and Oman begin delivering oil cuts as the agreement comes into effect. WTI Crude oil trades at $54.91, above the high of $54.50 seen immediately after the deal, when markets still hesitated regarding the implementation. There are still reasons to be doubtful, given the patchy past of previous announcements. The high so far has been $55.21. What does this mean for USD/CAD? Oil prices support the Canadian dollar against other currencies, including the USD. However, the USD is on the rise. So far, the winner is the US dollar and the loser is the Canadian one. USD/CAD is on the rise once again, trading above 1.3450. The next The next level of resistance is quite close by, at 1.3460, a support level seen late in 2016. It is followed by the round number of 1.35. Further above, 1.3560 serves as a cap. Support awaits at the recent low of 1.3380. More: USD/CAD: Stay Long Targeting 1.3650 – TD 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. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next EUR/USD dives as traders return to their desks Yohay Elam 6 years 2017 has begun in full thrust: the holidays are fully over with North American and British traders getting back to their desks. In the dawning days of the new year, we seem to get a resumption of the trend seen in 2016: a stronger US dollar. And once again, the rise of the US dollar lacks the inverse correlation with oil prices. The greenback rises on hopes for fiscal stimulus from the Trump administration, leading to higher inflation and higher rates. Oil prices are extending their gains as OPEC begins implementing the accord reached late in November. Kuwait and Oman… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
