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USD/CAD Loonie Soars as Oil Rebounds

Discussion in 'Technical Analysis' started by FXStreet_Team, Jan 21, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The USD/CAD lost 1.52 percent in the last 24 hours. The recovery of the price of oil boosted the loonie versus the dollar. The move is not considered to be a permanent trend as downside risks remain for both the Canadian currency and crude as oversupply is still a major factor. The European Central Bank (ECB) press conference built up expectations about further easing in March which stabilized stock markets and dissipated anxiety about global growth forecasts. Draghi was dovish and is calling

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