Latest Posts

Featured Image

EUR/USD: There is possible profit fixing at the end of the week

Team FX Trading Revolution | May 25, 2018

Featured Image

Trade idea: EURUSD Bullish Bat - Prepare to buy

Team FX Trading Revolution | May 25, 2018

Featured Image

FOREX HFT Signals Forecast: EURUSD 05/25/2018

Team FX Trading Revolution | May 25, 2018

Featured Image

FOREX HFT Signals Forecast: GBPUSD 05/25/2018

Team FX Trading Revolution | May 25, 2018

Featured Image

FOREX HFT Signals Forecast: USDJPY 05/25/2018

Team FX Trading Revolution | May 25, 2018

Featured Image

Trade idea: AUDUSD - Bullish after completing an inverted Head & Shoulders!

Team FX Trading Revolution | May 24, 2018

Featured Image

Euro Regains Some Traction with Reduced US Bond Yields

Team FX Trading Revolution | May 24, 2018

Featured Image

GBP/USD: Trading Scenarios_05/24/2018

Team FX Trading Revolution | May 24, 2018

Featured Image

EUR/USD: European economic growth slows down

Team FX Trading Revolution | May 24, 2018

Featured Image

FOREX HFT Signals Forecast: EURUSD 05/24/2018

Team FX Trading Revolution | May 24, 2018

Canadian Dollar Struggles Despite High Oil Prices

05/15/2018
at 2:03 PM

Despite oil prices being at a 3 ½ year high, the Canadian Dollar continues to struggle against its US counterpart. It is not so much that the Canadian economy is performing badly in this case, but moreso a case of the US economy showing signs of strengthening at a faster pace and in larger magnitudes than the Canadian economy.

Consumer sentiment in the US is up, ahead of projections at 98.8 for the month of April. In addition, the labor force is almost at capacity with low rates of unemployment being experienced. Inflation still remains below the targeted 2% level, but expectations are still high about two additional rate hikes during the year.

On the Canadian side, unemployment figures indicate a mixed performance. The number of jobs lost increased during the month of April, but there was also a simultaneous 3.3% growth in wages for the same period. Although the spike in oil prices has helped the Canadian dollar to some extent, the support has not been enough for that currency to stand up against the US dollar.

By 9:50 am EDT on Tuesday morning, the USDCAD currency pair traded at 1.2916, up 0.82% since the previous close.