USD/CAD hits a three-week low, and rising oil prices benefit the Canadian dollar

During the European time on Wednesday (December 28), the USD/CAD extended the recent decline. The exchange rate has continued to fall from the opening level of 1.0200, hitting a new low of 1.0125 since Dec. 8.

Nick Nasad, an analyst at FXTimes, pointed out that crude oil futures recently climbed above $100 as Iranian tensions have caused global oil supply to be noticed and US consumer confidence has risen to support oil demand outlook. In addition, Syrian oil production has been reduced by at least 30% due to sanctions imposed by Western countries.

Nasad said that the rise in oil prices has benefited the Canadian dollar. The USD/CAD is currently trading near the 61.8% Fibonacci retracement of the rally from December 8th to 19th. If the effective fall below this support, the US dollar / Canadian dollar or further under test 1.0130, 1.0050 support.

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