USD/CAD Price Analysis: Soaring Oil Pours Water on the Rally

<div><img width="400" height="267" src="https://www.forexcrunch.com/wp-content/uploads/2021/08/USD_CAD_Loonie_Flags.jpg" class="type:primaryImage wp-post-image" alt="my USD/CAD forecast" style="margin-bottom: 15px;" decoding="async" fetchpriority="high" srcset="https://www.forexcrunch.com/wp-content/uploads/2021/08/USD_CAD_Loonie_Flags.jpg 400w, https://www.forexcrunch.com/wp-content/uploads/2021/08/USD_CAD_Loonie_Flags-300×200.jpg 300w, https://www.forexcrunch.com/wp-content/uploads/2021/08/USD_CAD_Loonie_Flags-150×100.jpg 150w" sizes="(max-width: 400px) 100vw, 400px" /></div>
<p>Oil prices increased, driven by geopolitical tensions and disruptions in US oil output. The US dollar extended its recent gains due to positive US labor market data. Economists anticipate a 0.1% dip in Canada’s sales. A bearish tone emerged in the USD/CAD price analysis on Friday, propelled by surging oil prices amid geopolitical tensions and…</p>
<p>The post <a href="https://www.forexcrunch.com/blog/2024/01/19/usd-cad-price-analysis-soaring-oil-pours-water-on-the-rally/">USD/CAD Price Analysis: Soaring Oil Pours Water on the Rally</a> appeared first on <a href="https://www.forexcrunch.com">Forex Crunch</a>.</p>