USDCAD rising likely due to rates expectations
I always keep the Oil chart along with my USDCAD chart. Growing oil price influences very positively Canadian Dollar and somewhat negatively US Dollar.
It is interesting to see this correlational influence dampened in favor of much stronger news regarding a potential rate hike.
I think there is a chance the oil market will be up for a short correction. Fundament hasn't changed but the sentiment seems overbullish and the growth rate is rather high for what I would expect.
If I am wrong about oil, USD still can grow, hence I see this as a relatively good opportunity.
It is interesting to see this correlational influence dampened in favor of much stronger news regarding a potential rate hike.
I think there is a chance the oil market will be up for a short correction. Fundament hasn't changed but the sentiment seems overbullish and the growth rate is rather high for what I would expect.
If I am wrong about oil, USD still can grow, hence I see this as a relatively good opportunity.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.