Yesterday the hottest instrument in the market was oil. The crude had a very rapid and a pretty successful jump that gave boost to a lot of currencies and made a lot of hype around itself. But, it had to end someday and the fact that the surge did not extend into today might be good – no unnecessary hope. There are many more assets in the markets that need our attention. But, the growth that oil had yesterday couldn’t have gone by without any of the side effects.

 

USD/CAD – the most famous couple, intermarket correlation of which with oil is one of the most famous connection in the markets. And surely, growth of oil gave a lot of power to CAD. But, oil retreated and CAD seems to have got a lot of steam as the couple keeps on with the fall due to Canadian dollar gaining more and more price. Plus, USD is not exactly a beacon of hope and strength right now.

 

usdcad 5.12.2019

 

But, today the situation with the couple might change very rapidly, as today we are waiting for OPEC countries to meet and discuss oil output and price regulation for the crude. Will this change oil’s performance? There is no doubt about it. That is exactly why we need to look out for any possible surges and fall in USD/CAD couple.

 

In any case, it is better to use your trading signals today.