USD/CAD PRICE, CHARTS AND ANALYSIS:
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USDCAD Continues its slide today helped by a weaker US Dollar and a rebound in Oil prices. Having broken the ascending trendline on Friday the selloff has gathered a bit more momentum but faces some technical hurdles ahead.
Despite more uncertainty from OPEC+ today Oil prices did bounce just below the $75 a barrel mark. WTI was up around 1.9% at the time of writing which is bit surprising given rumors today that OPEC+ is still having disagreements regarding quotas for 2024. The rumors also stated a potential delay of this week’s virtual meeting and the potential for output and supply to remain steady in 2024. Time will tell.
