EUR/CAD rises due to oil weakness

24 November 2022 286
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Oil prices have declined markedly over the past few days. The weakness of oil puts pressure on the Canadian dollar, as the country is historically dependent on "black gold".

 

However, this has not led to a significant increase in the pair USD/CAD, as now the dollar is adjusting against all global currencies after a record rally this year. As a result, the currency pair is actually marking time.

 

The CAD weakness can be recouped through other currency pairs, such as EUR/CAD.

The Euro broke through an important resistance level, which had been tested for 3 months this spring and summer. The current momentum suggests an increase to the level of 1.416.

This content is for informational purposes only and is not intended to be investing advice.

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