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USD/CAD falls further as crude oil rises on hopes for output deal

Discussion in 'Technical Analysis' started by FXStreet_Team, Jan 26, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    After spending Monday paring some of its losses from last week, USD/CAD renewed its plunge on Tuesday as crude oil rebounded due to hopes for an output restraint deal among oil-producing nations led by OPEC. With Canada’s economy heavily reliant upon exports of crude oil and oil products, the Canadian dollar’s value generally rises and falls, but has primarily fallen as of late, with the movement of crude oil prices. Prior to last week, Canada’s currency had been falling precipitously against

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