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USD/CAD forms tentative bottom

Discussion in 'Technical Analysis' started by FXStreet_Team, Apr 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Since it hit a new five-month low below 1.2900 late last week on the last day of March, USD/CAD has rebounded to hit a high briefly above 1.3200 resistance as of Tuesday. This rebound has occurred as the price of crude oil has retreated in the past several trading days, dragging the oil-correlated Canadian dollar down with it. Renewed pressure on oil prices has been brought on after an apparent stumbling block recently surfaced surrounding proposed negotiations among major OPEC nations and

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