USD/CAD drops 0.5% in the open on an expected surge in oil prices.
While CAD was the notable underperformer in the G10 space, slipping -0.5% to 1.328, the currency has opened strongly at the start of the week sending Funds down some 0.5% to a low of 1.3216 on news of facilities at the Abqaiq and Khurais oil fields being attacked which has cut Saudi Arabia’s oil capacity in half becomes the major focus and likely to see oil prices surge higher.
An attack on Saudi Arabia’s key oil facilities has significantly raised tension in the Middle East with Houthi rebels in Yemen reported to have launched a fleet of drones on Saturday.
USD/CAS SHORT (Sell)
ENTER AT: 1.32350