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Recently there has been a lot of trouble with the USD/CAD pair which has been going through a good deal of trouble as of late. There have been many commercial institutions trading this pair that has caused a huge number of traders to call their Forex broker and place trades in many different charts. The amount of trades in this pair has been increasing as of late, and has brought a lot of traders to the table looking for some opportunities. Large changes and developments have created some profit potential for those using technical indicators in conjunction with the fundamental events that are occurring. Day traders in particular have been taking advantage of the sometimes steady shifts present here, and have been doing quite well.
The Canadian Dollar will most definitely have a lot riding on their oil supply in conjunction with the US’ new moves into Natural Gas. Middle Eastern oil supplies possibly drying up combined with this shift in energy policy could make a huge difference. Oil could become even more seriously tied to the CAD on Forex Charts as time goes on. Considering the current value of oil with regard to the CAD in the same way most people consider the USD against gold would be a very good idea in the future. While technical indicators are still going to be very helpful this new relationship between the CAD and oil is only going to grow, and this is definitely something to look out for.
Of course there is a balance that should always be reached before making a hasty decision. Moving forward in such a way that will ensure continued profitability for this pair will mean also tracking the current cost of crude oil. As the cost of oil rises so too will the CAD, and as technology improves with regard to the shale oil harvesting methods this increase will only be larger and more ferocious. There are just so many possibilities that it can be overwhelming for a trader to consider them all, but failure to do so can result in staggering losses. The USD/CAD pair might not be a lot to look at right now but in a few more months there could be a lot more going on, so bear this in mind when making future trading decision. It will never be the EUR/USD in terms of opportunity, but it just might become and entirely different type of profitable animal altogether.