December 9, 2022

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USD/CAD climbs for the fourth straight day as oil struggles

1 min read

USD/CAD up 29 pips to 1.2692 so far today

USD/CAD up 29 pips to 1.2692 so far today

The US dollar has a strong, persistent bid in Asia-Pacific trading today and one area where it’s making some good headway is USD/CAD, which is now up 37 pips on the day to 1.2692.

The pair hasn’t been above 1.27 since July 20 but is on a four-day winning streak. The delta variant has markets concerned and commodities have been suffering. WTI crude oil today fell below the recent double bottom at $65 and has continued lower in Asia to $64.36.

For today’s move though, I don’t point to CAD-factors. It’s all about the US dollar as it gains 30-40 pips against everything with a relentless bid in USD/JPY seemingly driving the bus.

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