- Summary:
- The Canadian Dollar is under pressure as crude oil price takes a dive, following assurances from Saudi King Salman on protection of Saudi facilities
The Canadian Dollar is under pressure as the price of crude oil has fallen to intraday lows of $59.32. The USDCAD is currently trading at 1.3285, having touched off 1.3300 a few minutes ago after Saudi Arabia’s King Salman affirmed the ability of his country to deal with any consequences of attacks on its “vital installations”.
“Saudi cabinet asserts that the Kingdom will defend its lands and vital installations and is capable of responding to the attacks regardless of their origin. “Attacks on Aramco aim to disrupt global oil supplies,” Salma stated.
Intraday Technical Plays for USDCAD
If the USDCAD falls below 1.3271, it would open the door for a test of the central pivot at 1.3240 (Sep 5 high in role reversal) and below this area, 1.3209 (Aug 14 low) could be retested.
On the flip side, a bounce off 1.3271 will provide impetus for a test o 1.3302 and above this area, 1.3332. The Saudi Oil Minister’s press conference at 17.15 GMT is the next item in view. The statements and responses to reporters’ questions could cause prices to attain these price levels very quickly.