In order to be trade USD/CAD every professional trader will always look into Crude Oil market trend as there is a direct correlation between Crude Oil and USD/CAD. So, how do you trade Crude Oil USD/CAD correlation?
Since Crude oil is an addictive commodity, for the fact that the world really depends on Crude oil, as a mainstream energy source the price movement in Crude oil market often reflects the global economic developments. Besides the being global economic indicator Crude Oil prices often have a direct impact on those of Oil producing and Oil exporting countries, such as Saudi Arabia, Venezuela, Canada, Russia and others. It is like these countries are suppliers of the highly addictive precious commodity.
This means that whenever there is a hiccup in crude oil prices, we see a immediate hiccup in these oil producing or oil exporting countries, especially for the Canadian Dollar as Canada is one of the largest crude oil suppliers for the USA.
Nonetheless, there is a negative correlation between Crude oilÃ‚Â and USD/CAD pricing. Which has too many variables behind the scene. Such as the US consumer demand, USD index, Canadian exports, Global economic sentiments and much more.
To put it into a simple language, for those traders wondering how to trade Crude oil USD/CAD correlation, when oil goes up, USD/CAD goes down and just the opposite when oil price goes down, USD/CAD goes up. That simple!
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