Home Analysis USD/CAD retreats from the 1.2600 level amid the rise in oil prices

USD/CAD retreats from the 1.2600 level amid the rise in oil prices

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USD/CAD price started a fresh decline from the 1.2600 level on Tuesday to enter a bearish zone amid the rise in oil prices. The continuous rally in West Texas Intermediate (WTI) crude supported the Loonie. The Global oil market remained tightly supplied amid the sanctions on Russian oil and disruption in Libya. The USD/CAD is down by 0.28% and will need to avoid the 1.2560 pivots to two descend further. Bears will attempt to clear this level as the US dollar rally pauses for a fresh catalyst. In the event of another extended decline, USD/CAD should test the next immediate support level at $1.25500.

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