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USD/CAD Loonie Sinks to 13 Year Low As Oil Drops Below $30

Discussion in 'Technical Analysis' started by FXStreet_Team, Jan 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The USD advanced 0.353 versus the CAD in the last 24 hours. The USD/CAD touched multi-year highs (1.4316) as the price of oil continues to tumble as supply is far outstripping demand around the globe. The loonie was last at the 70 cent level in 2003. The currency showed some resilience after the crisis of 2008, but that was aided by firm energy prices. The slowdown in emerging market demand for crude coupled with the increased production levels with the introduction of new technology and the

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