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CAD the big buy of the day, ignores softening Oil prices

Discussion in 'Technical Analysis' started by FXStreet_Team, Feb 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Lots of conflicting signals, but it soon became clear that a CAD push higher was on the agenda. The correlation with Oil remains in place, but despite WTI levels coming off the boil, the market targeted USD/CAD support from 1.3670-40, pushing through and extending gains to pre 1.3600 initially. Good size bids emerged at the figure, but the market continued to push aggressively, taking out the figure and stops below. In the meantime, WTI has drifted lower to session lows just towards $31.0.

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