USD/CAD Another bounce off 21-day EMA as WTI refrains from extending latest recovery.
Among many other reasons like WTI pullback and Friday’s downbeat jobs report from Canada, doubts over the US-China September month trade negotiations have recently been troubling traders of the commodity-linked currencies like the Canadian Dollar (CAD).
On Friday, the Loonie failed to portray the market impact of the unexpected increase in Unemployment Rate and slump in Employment Change figures from Canada. The reason could be WTI rise that took hints from declining inventories at Europe and the Bloomberg news that Saudi Arabia is trying to balance the oil market.
USD/CAD LONG (Buy)
ENTER AT: 1.32190