USD/CAD stays slightly above 1.3400 as oil price falls amid recession worries
Deltafx Admin 12 January 2023USD/CAD rallies and reaches a new daily high at 1.3440 as it continues the previous day’s recovery from a 1.5-month low early Wednesday. In the process, the Loonie pair fails to portray the weakness in the U.S. dollar as the price of Canada’s top export, WTI crude oil, returns to the bears’ sights after a brief absence.
Still, WTI crude is down 0.50% at $74.90, posting its first losing day in three days, as energy traders fear lower demand due to the likely taxing economic transition. The reason could be related to the weak economic forecasts of the World Bank.
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