Crude oil (US Oil) prices are down 2.50% for the day as bears look to visit $70 per barrel. Conversely, USDCAD is looking to push higher as Dollar bulls pick up momentum.
After attaining $77 per barrel, bears were able to take price in a steep dive pushing past last week’s low. Price was able to make a new quarterly low at 71.10. We could price head lower as the Lambda variant originating in Peru spreads across globally causing fears for international travel.
On the other hand, USDCAD prices are set to push higher with a stronger US Dollar and bearish Oil prices on the horizon. Traders can expect this pair to resume the uptrend started back in June. Price has already surpassed July’s high and is on the path to test the yearly high at 1.26300.
This Friday’s Canadian unemployment report will be of great focus for Oil and USDCAD traders. Current forecasts have unemployment dropping to 7.8% from 8.2%. Traders would hope for a bearish result to facilitate shorts for Oil and longs for USDCAD.
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