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The Canadian Dollar Might Be Providing Clues About the Direction of Crude Oil

Discussion in 'Technical Analysis' started by FXStreet_Team, Jan 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    One signal that Crude Oil could be putting in a significant low is being flashed by the Canadian Dollar, which has reversed from its plunge versus the Dollar. Let's notice on the lower chart that USD/CAD rocketed through its upper-channel boundary line one week ago, followed-through to the upside as Oil plunged beneath $30, but has reversed sharply (USD/CAD) from nearly 1.47 to 1.42 (CAD has strengthened)-- and has pressed back inside of the upper-channel line... suggesting that Oil could be

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