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USD/CAD breaks the Friday high as oil prices give back gains

USD/CAD breaks the Friday high as oil prices give back gains

The first leg of USD/CAD strength today came after the strong ISM data, which boosted the US dollar across the board. In USD/CAD now, we're getting a second leg as oil prices give back gains.

WTI crude oil traded as high as $82.72 today as the G7 price cap on Russian oil kicks in and we digest the OPEC+ decision. However the gains didn't last as the risk mood sours and WTI is now down to $79.97, which is nearly flat on the day. One reason may be Libya signaling more production.

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Posted: Dec 5 2022, 16:14
Author Name: forexlive
Views: 102067

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