USD/CAD Gains Ground As Oil Markets Dive 7%

USD/CAD gained ground as traders focused on the crash in the oil markets.

Currently, U.S. Dollar Index is trying to settle above the 102.70 level. In case this attempt is successful, it will head towards the nearest resistance level at 103.20 – 103.40.

USD/CAD is trying to settle above the 1.4200 level as traders focus on the oil market crash. Oil prices are down by 7% as China imposed 34% tariffs on U.S. goods.

If USD/CAD manages to settle above 1.4200, it will move towards the 50 MA at 1.4274.

USD/CAD 070425 4h Chart