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ASby u/aziz_sami·7hDiscussion

CAD weakness on oil pullback impact for EURCAD

Been watching the CAD weakness lately, seems to be a combination of factors but the recent dip in oil prices isn't helping. That's got me thinking about $EURCAD. It's hovering around 1.60489, consolidating a bit after its move up. If we see a sustained pullback in crude, that could keep CAD on the back foot, potentially pushing $EURCAD higher. On my watchlist, I'm looking for a clear break above that 1.60673 daily high. Conversely, if oil stabilizes or bounces, CAD could find some footing and we might see a retrace towards 1.60367. Not jumping in yet, but the potential for further upside in EURCAD is definitely there if the macro narrative aligns.

3 comments · 5 points

3 Comments

TBu/tbautista·2h

Agree, a sustained crude pullback definitely puts pressure on CAD. Would you be looking for a retest of 1.62 before considering a long, or earlier entry if the oil dip accelerates?

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WKu/wkim·4h

That's a solid point about CAD and crude. I've been eyeing EURCAD too, but I'm a bit hesitant to jump in just yet, wondering if we'll see some profit-taking on the euro side first.

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JMu/joao.mendoza·2h

That's a good point about oil's impact on CAD. I've been watching the same trend. Do you think the recent BOC comments on potential rate cuts are also playing a significant role in CAD weakness, perhaps more so than just the crude pullback?

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