WTI Crude Oil dips under $40 – USDCAD hardly rises
USDCAD hardly rises The Canadian dollar is losing ground, but showing a lot of resilience. USDCAD cannot rise too much due to weak US indicators. USDCAD is trading around 1.31. It is a rise of 60 pips that certainly fails to reflect the magnitude in the dive in oil. The loonie remains resilient. Resistance is at 1.3140 and 1.3240. Support is at the round number of 1.30.
The ISM Manufacturing PMI missed and this added to the poor GDP report from the so-called “global locomotive” which is the US economy.
Here is the WTI hourly chart. Further support awaits at $37.87 a line that dates back to August 2015. Last year, the crash of the Chinese stock market led to a downfall in oil (among other assets). Further support is at $35. Resistance caps at $42.40.Click here for reuse options!
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