Canadian Dollar reverses lower after Crude Oil’s slippery slide USDCAD Canada Oil Technical Analysis Fundamental Analysis
Canadian Dollar reverses sharply lower against the US Dollar after a decline in Oil prices and strong sentiment data boosted the Buck.
The fall in Oil price was put down to an unexpected slowdown in China’s second quarter GDP data and the resumption of Libyan supply after a brief outage, according to Oilprice.com. from the National Bureau of Statistics of China released on Monday morning. Oil prices were further depressed after Libyan production came back online following a brief outage amid protests by the Al-Zawi tribe over the kidnapping of the Libyan Finance Minister, Faraj Bumatari.
For the National Bank of Canada, the negative effect of a global economic slowdown on commodity prices and Oil is the main factor that will drag CAD lower in H2, in a note cited on Poundsterlinglive.com. releaseUS Michigan Consumer Sentiment rose to 72.6 in July according to preliminary data – well above the 65.5 predicted and the 64.4 previous. Canadian Dollar Technical Analysis: Bounces on a thick band of support , which began at the 2021 lows.
Only a decisive break below 1.3050 would indicate the thick band of weighty support in the upper 1.30s has been definitively broken, bringing the uptrend into doubt. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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