HelenRush

CAD Fails To Catch Up With Oil

FX:USDCAD   U.S. Dollar / Canadian Dollar
Yesterday's star, oil , is consolidating near the higher levels with minor losses. The asset is digesting the wild and surprising events in Saudi Arabia, and the majors don't care about it at all. Let’s face it: even USD/CAD has already recovered yesterday’s losses to the 1.27 round figure.
CAD is trying to catch up with crude oil prices, but a lot will depend on the USD dynamics. The buck’s positions are not too stable at the moment. USD lacks some important driver. Yes, the markets were very satisfied with the NFP data and the ISM Index published on Friday, but the happiness vanished into smoke too soon.
Trump’s tax cut plan is in danger – the markets are not sure if the Republicans can do it on time by the Thanksgiving Day. All this uncertainty limits the US dollar’s upside potential. More dovish Fed and the delaying of the tax cut reform may help the Loonie.
Meanwhile, the markets will be waiting for the Bank of Canada's Governor Poloz speech today. Dovish comments, in spite of some positive incoming data, will force USD/CAD to check the 1.28 area. Otherwise, the pair may retreat towards 1.26 level.
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