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USD/CAD – Loonie Follows Oil Price Surge

Discussion in 'Technical Analysis' started by FXStreet_Team, Feb 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The U.S. dollar depreciated 0.539 percent versus the Canadian dollar in a the last 24 hours that saw the loonie follow the developments in the price of oil. The USD/CAD is trading at the day’s low 1.3685 after earlier in the session trading at 1.3859. The loonie rose thanks to the recovery of the price of oil that in turn was boosted by U.S. inventories of gasoline. The CAD has been tied at the hip with the price of energy and has had a correlation of almost 1 with the volatile crude. The

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