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USD/CAD attempts rebound on renewed crude oil plunge

Discussion in 'Technical Analysis' started by FXStreet_Team, Feb 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    USD/CAD has tentatively halted its recent plunge and fluctuated around the key 1.4000 level and 50-day moving average for the first two days of the trading week, as the late-January relief rally in crude oil prices has reversed course. Since mid-January, USD/CAD had been falling precipitously as crude oil rebounded from a tentative bottom after having dropped down to a 12-year low below $28 per barrel just two weeks ago. The USD/CAD currency pair has long been correlated to oil prices due to

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