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USD/CAD Loonie Advances in Tandem with Crude Gains

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    West Texas and Brent Crude Advanced close to 5 Percent Boosting the CAD The Canadian dollar is benefiting from a high correlation to energy prices as the actions from some members of the Organization of the Petroleum Exporting Countries (OPEC) and Russia appear to have stabilized the price of oil. The surge in oil prices in the past two months have lifted the CAD which is now trading below 1.33 to 1 USD. Global demand for oil is softer and with producers at record levels and in the case of

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