Storm Nate could hold down a move upward in the USDCAD
Canada supplies the US with 38% of its oil, then Saudi Arabia at 11%. A short-term hike (probably 12 days or so) in oil prices will give a boost to Canada's bottom line, essentially placing more demand on Canadian dollars. This demand gives strength to the Canadian dollar. That strength pushes down the USDCAD pair.
I'm neutral on this until the tropical storms are over and the market corrects back to normal levels.
I'm neutral on this until the tropical storms are over and the market corrects back to normal levels.
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