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USD/CAD – Loonie Higher After USD Stumbles

Discussion in 'Technical Analysis' started by FXStreet_Team, Feb 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Canadian dollar broke away from the heavy correlation it had exhibited earlier in the year with falling oil prices. Oil was on a downward trend as the Organization of the Petroleum Exporting Countries (OPEC) and the non-OPEC chance of a production agreement remains elusive as neither group has issued a formal need for cooperation. Canadian indicators started the week on a positive note with the release of the RBC manufacturing purchasing managers index (PMI) posting a 49.3. The survey of

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