With the help of oil prices slowly going up, USD/CAD recovers modestly against USD. Loonie should thank WTI adding more than 7%.
Please use proper risk advice before trading.
Be careful not to confuse Friday’s closing of positions with a recovery in the strength of a currency. After yesterday and the last week, all the commodity currencies were likely to see an up day vs the safe havens, particularly the JPY. And since you posted this, it’s reversed back anyway.
Oil prices are unlikely to have bottomed out yet. After this weekend where European countries are likely to see sharp rises in cases, more travel restrications will come into place. Northern hemisphere getting warmer weather and it sounds like USA has potentially far more of an issue we’ve heard about so far. The chances of oil prices going up without significant cuts in production seem unlikely in the short term.
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Thanks for the expanded clarification.
I do expect that the prices of Oil will go further down. After all, it looks like everyone is aimed at increasing the output and further exports.
Just to add, its weird for me personally to see USDCAD (1.4130!!!) affected so much by oil prices, more than even USDRUB actually. Yes, I know that they are depended on export + Trudeau got sick + US has shut down the borders.