Is the Trend Changing for USD/CAD As It Finds Support at the 20 SMA?
USD/CAD has been bearish in the last few weeks as the USD was going through a retreating period. Although, since last Friday buyers have been in control, so it seems like the trend might be turning bullish for this forex pair. We saw a jump yesterday after rumours from Wall Street Journal which suggested that OPEC might increase production by 500k barrels/day at the December 4 meeting.
Crude Oil dived around $5 lower, with the US WTI dipping a few pips below September’s low, which makes that the lowest level this year. But, Saudis denied those rumours and Oil bounced back up.
Bloomberg Report
- Saudi officials deny the production hike
- The current OPEC+ deal continues to the end of 2023
- If additional measures are needed to balance supply and demand, we will intervene.
WTI Oil H1 Chart – MAs Remain As Resistance
US crude Oil bounced back to the 50 SMA after the denial
The closing price for WTI crude Oil on December 31 last year came at $75.35. The move lower yesterday completed the “up and down lap” for the year to that level. The high for the year reached $129.42 back in March so the price is around 40% from that high.
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