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Sunday, March 7, 2021

USD/CAD turns higher as oil falls back below $37

Risk trades starting to slip

Risk trades starting to slip

Sentiment improved in Asia and early European trading but US markets have been in a sour mood all week and it’s creeping back in. WTI crude oil rose as high as $37.55 one hour ago but has now fallen to $36.90.

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That drop is taking the Canadian dollar with it and has pushed USD/CAD up 20 pips in the past hour. Stock futures are also giving back some gains despite some good earnings reports late yesterday and early today.

It’s likely to be a battle today and managing risk will be key. Yesterday’s saturated in USD/CAD was 1.3202 but I wouldn’t are expectant of that to keep if equities fall to fresh weekly lows.
For bank trade ideas, take a look at eFX Plus

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