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USD/CAD Struggles To Gain On A Stronger Dollar And Declining Oil Prices
A turn lower in oil prices and a recovery in the dollar index (DXY) back towards two-week highs failed to spur a rally in USD/CAD which has been consolidating in a range throughout the day. WTI crude oil prices (USOIL) recovered in early day trading to reach a high of $44.06 but a sharp turn in the North American session has triggered a bearish continuation with prices falling to fresh six-week lows. Oil prices trade at important support as the bottom of a declining trend channel has come into play as well as a horizontal level at $44.19 which is relevant on a weekly chart. The declining channel has contained price ... (full story)