USD/CAD rises above 1.40 for the first time since 2020 ...Middle East

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USD/CAD rises above 1.40 for the first time since 2020
The weekly chart of USD/CAD is looking like a big breakout.Perhaps the biggest warning for the loonie today comes from the oil market. Crude is higher today after two days of declines but the IEA is warning about a surprise of 1 million barrels per day of global oil even if OPEC keeps its curbs in place. That's based on forecasts for higher production from the US, Canada, Guyana and Argentina.OPEC was bullish on demand at this time last year but proved far too optimistic. If they conclude that the oil market won't come into balance by keeping barrels off the market, they may decide to fight for market share instead.Domestically, Canada is in a tough spot as the housing market struggles, part

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