What does Canada have to do with oil prices? How will the Canadian dollar be affected by oil prices?

Canada is also a country with a strong economy, they have clear monetary policy and significant GDP growth. Canada is also a potential oil exporter. Canada produces 4,407,756 barrels of oil per day, supplying 2,403,000 barrels per day for domestic consumption, and the remaining 2,464,756 barrels per day exported to the United States without import or export taxes.

These are factors that will lead to a better Canadian economy and a stronger Canadian dollar in the future. Based on the above factors, the Canadian economy will soon have good growth, which will also affect its currency. I encourage you to make a decision to sell in price 1.27330 and set stop loss at 1.27630 and set take profit at 1.26800.Canada has a North American Free Trade Agreement (NAFTA) with the United States and Mexico to understand and reduce tariffs on imports. In Joe Biden’s post, he promised to resume talks to improve relations between the three countries and eliminate some stalemate.

Analyzed by: Mr. Long Samnang,Independent Analyst