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USD/CAD stages crushing decline

The 1-hour USD/CAD MACD series is sitting at extreme lows.

Recent plummeting USD/CAD price action has been highlighted by an above-average distance between MACD and its signal line. From a strategic standpoint, there could be further stomach-churning dips to endure, as well as brief relief rallies. The latest MACD print shows dissipation of downside momentum, thus reinforcing the second scenario.

Fears about a slump in Chinese oil demand are exaggerated – OPEC official

Speaking at the Gulf Intelligence Energy Markets Forum in UAE on Friday, OPEC Governor for Kuwait, Nawal Al Fezai told delegates that OPEC does not expect China's oil demand to slump along the trajectory of past declines seen in OECD countries.
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Commodity dollars rally despite weakness in commodity prices

The commodity currencies – AUD, NZD, CAD – rallied against the USD even though the Fed’s dovish tone failed to impress commodities, which are trading in the losses.
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