USD/CAD eyes an explode of consolidation 1.2700-1.2720 range on the upside, WTI hovers near $100.00 By Sagar_Dua24 USDCAD Oil Fed BOC Inflation
. The risk-off impulse observed on Friday is expected to be followed on Monday, which will drive the asset higher to the psychological resistance of 1.2800 sooner.
West Texas Intermediate prices have lost their strength on renewed fears of oil demand after the International Monetary Fund slashed its global growth forecast to 3.6%, much lower than the previously estimated figure of 4.4%. Lower aggregate demand will result in less usage of oil and henceforth a slump in the oil demand for a longer horizon. Meanwhile, China is still recovering from the pandemic of the Covid-19, which has also dented the demand for oil.
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