Tuesday, January 9, 2018 12:32 PM EDT
Oil prices have been on a gradual path of rises for quite some time. And now, WTI crude oil tops the 2015 high of $62.60 and reaches new highs $62.69.
It currently trades at the highest levels since December 2014. The breakout awaits confirmation.
The move higher in oil prices should give a boost to the Canadian dollar. The loonie enjoyed the superb jobs report on Friday with USD/CAD falling under 1.24. It then took some profits but dropped once again on the upbeat quarterly report from the BOC.
Dollar/CAD is on the rise again, mostly due to the renewed strength of the US dollar.
more coming
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Disclaimer: Foreign exchange (Forex) trading carries a high level of risk and may not be suitable for all investors. The risk grows as the leverage is higher. Investment objectives, risk appetite and the trader's level of experience should be carefully weighed before entering the Forex market. There is always a possibility of losing some or all of your initial investment / deposit , so you should not invest money which you cannot afford to lose. The high risk that is involved with currency trading must be known to you. Please ask for advice from an independent financial advisor before entering this market. Any comments made on Forex Crunch or on other sites that have received permission to republish the content originating on Forex Crunch reflect the opinions of the individual authors and do not necessarily represent the opinions of any of Forex Crunch's authorized authors. Forex Crunch has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: Omissions and errors may occur. Any news, analysis, opinion, price quote or any other information contained on Forex Crunch and permitted re-published content should be taken as general market commentary. This is by no means investment advice. Forex Crunch will not accept liability for any damage, loss, including without limitation to, any profit or loss, which may either arise directly or indirectly from use of such information.
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