The Canadian dollar is recording a new low against the US dollar: USD/CAD reaches 1.19. The fingers are easily pointed to a fresh drop in the price of oil: WTI falls below $47 and Brent follows suit. The lowest for WTI has been $46.95 and for Brent $48.36. Specifically for Canada, the expected veto by the White House on the Keystone XL pipeline also weighs on Canadian oil prices, as they are harder to export. $50 was seen as the bottom for oil prices by some, while others looked at $40 – around the immediate lows after the financial crisis as the lows. These kind of low oil prices are bad for the Canadian oil industry but also for the American one. On the other hand, citizens in both countries enjoy the lower prices at the pump. The extra cash is expected to boost spending, especially in the US, and this could have a positive impact on Canada as well. The big level looming above is 1.20. The story of the Canadian dollar is mostly the weakness of oil versus the general strength of the rest of the economy. However, the C$ was hit on Friday by a weak jobs report. Here is how it looks on the chart: 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 Bearish Euro Sentiment Accelerates Ahead of ECB Scott Smith 7 years The Canadian dollar is recording a new low against the US dollar: USD/CAD reaches 1.19. The fingers are easily pointed to a fresh drop in the price of oil: WTI falls below $47 and Brent follows suit. The lowest for WTI has been $46.95 and for Brent $48.36. Specifically for Canada, the expected veto by the White House on the Keystone XL pipeline also weighs on Canadian oil prices, as they are harder to export. $50 was seen as the bottom for oil prices by some, while others looked at $40 - around the immediate lows after the financial crisis… Top 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.
