USDCAD has been holding on to its gains even though Oil has been volatile as of late. USDCAD is still seen bullish pre NFP and OPEC meetings and could see some greater gains as OPEC is gonna do all it can to strike a deal with Saudi Arabia and prove it is still relative in the industry as they have failed to do so earlier this year. We are expecting more USD gains for theses particular reasons

1. Canadian Oil Fires will definitely hurt their GDP

2. OPEC will try to strike a deal on Thursday

3. A good NFP will provide greater USD growth

4. If a FED rate hike in June would provide greater gains

5. Technically Oil has made a double top and a higher low which is favourable to the USD

News Events

Thursday – OPEC announcement, Gov Poloz Speech, Crude Oil inventories

Friday – NFP, Unemployment Rate, CDN Trade Balance

USDCAD D1