U.S. Dollar Pulls Back against Canadian Dollar in Forex Trading
by Trader Rich
USD/CAD pares earlier gains
It’s been a bit of a choppy ride for USD/CAD in currency trading. And that choppiness is likely to continue for some time. For now, though, the Canadian dollar is making up some lost ground.
Earlier, the U.S. dollar showed some signs of gaining against the Canadian dollar, but now the loonie has the upper hand in forex trading. This is typical of the volatility on the FX market, no matter the currencies involved.
For now, the loonie is receiving some support from rising oil prices. Oil prices appear to be reaching for $100 a barrel, and the Canadian dollar is likely to benefit. As a major oil exporter (and the top oil provider for the U.S.), Canada relies heavily on the commodity. With it gaining in trading, loonie is likely to find some support.
- USD/CAD in Forex Trading
Currency trading on the FX market