24.02.202010:47 Forex Analysis & Reviews: Decline in oil prices triggered a drop in the CAD's rate

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The main news this weekend is the spread of coronavirus outside of China which led to a drop in oil prices from $ 53 to $ 52. This is due to the concern of investors regarding the slowdown in the global economy and a decrease in global consumption of black gold.

This led to a weakening of the Canadian dollar, as Canada is one of the largest suppliers of oil to the market, and the exchange rate of the American dollar against the Canadian dollar jumped sharply:

We have already made recommendations for buying this instrument last week, and the news confirms the correctness of the chosen direction. If you do not have time to cling to this movement, I recommend picking up this instrument from the pullbacks in longs, forming a common long position.

Have a successful trading and control the risks.

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