USD/CAD Trading Steady After Weakening as Crude Oil Prices Improve

The Canadian dollar made some gains against the US dollar in the previous session as WTI crude oil prices made some gains, and is trading

Arslan Butt•Wednesday, January 29, 2020•1 min read

USD/CAD Trading Steady After Weakening as Crude Oil Prices Improve

The Canadian dollar made some gains against the US dollar in the previous session as WTI crude oil prices made some gains, and is trading somewhat steady into Wednesday. At the time of writing, USD/CAD is trading at around 1.316.

There was an easing of concerns among global financial markets about the coronavirus outbreak and its impact on economic growth, helping reduce the risk sentiment and supporting oil prices which had been declining for five consecutive sessions. The Canadian dollar, in turn, gained on the back of strengthening oil prices as Canada is a key exporter of crude oil.

After gaining around 5% in 2019, the Canadian dollar has had a weak start to this year, losing as much as 1.3% so far since the beginning of this month. Later this week, the Loonie could see some moves on the release of the Canadian GDP data.

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.