The trend in the USDCAD currency pair is downtrend in daily timeframe. A trend that makes it possible to reduce the price to 1.2040. But it should be noted that the sharp fall in prices can be zigzag.
Reports from OPEC meetings and disagreements over whether to reduce or increase crude oil production due to opposition from the UAE have caused the Canadian dollar to fluctuate, with 80 percent of Canada's economy dependent on oil. Canada supplies 75% of US crude oil consumption. The price of USDCAD chart in the index of 22225 is resisting so that the price does not reach 1.23. Because it can be a really important and sensitive level. If OPEC increases its oil supply, it could lower the world price of crude oil, lower the price of Canadian oil, and devalue the Canadian dollar. According to the published news, Saudi Arabia is also dissatisfied with the last OPEC meeting and has called for changes in the charter. But the start of the US holiday season could push up oil prices in the short term. World crude oil prices have risen 1.2 percent to a three-year high. According to surveys, the USDCAD pair rate can fluctuate below 1.24 in the long run. Crude oil prices reached $ 74 a barrel last week. The figure was higher than in October 2018. Rising US unemployment to more than 9 million people weakened the US dollar against other world currencies such as the Canadian dollar. On the other hand, inflation in the United States is expected to increase in the next three months. Due to the proximity of the US and Canadian economies, any developments in US political-economic discussions directly affect the Canadian dollar. The main reason for the fall in the USDCAD on Friday was the rising unemployment rate despite rising wages. What caused the US dollar to depreciate against seven major world currencies