USD/CAD approaches September lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - USD/CAD dropped further as crude oil prices rallied to 1-month highs. The pair broke below 1.3060 and bottomed at 1.3030, reaching the lowest level since September 18. Currently it trades at 1.3040/45, down 0.30% for the day.

    USD/CAD continues to decline

    The pair is falling for the fifth day in a row, as it continues to retreat from 11 years highs. The last time USD/CAD dropped during five consecutive days was in March 2014.

    The recovery in crude oil prices and a weak US Dollar pushed the pair to the downside. Price approached 1.3000 and September lows that lie at 1.3005/10. The mentioned area could offer support in the next sessions. A break lower could expose 1.2945/50, where August lows are located.
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