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USD/CAD extends dive on oil rebound, Canada GDP

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    USD/CAD further extended its prolonged pullback on Tuesday to hit and slightly dip below major support at the 1.3400 level and its key 200-day moving average. The currency pair has not broken below its 200-day moving average since late-2014. Tuesday’s dive occurred as crude oil prices continued to strengthen on sustained hopes for an output freeze among major oil-producing nations, which boosted both the Brent and WTI crude benchmarks as well as the oil-correlated Canadian dollar. Also driving

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