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USD/CAD Loonie Touches 11 Year Lows Driven by Oil Drop

Discussion in 'Technical Analysis' started by FXStreet_Team, Dec 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Fed Anxiety and the Drop in Energy Prices Push USD/CAD Above 1.3770 The week when the U.S. Federal Reserve is expected to raise interest rates started with high volatility as oil prices have moved 5 percent from daily high to low. Prices in West Texas and Brent dropped to $34.40 and $36.40 respectively. The fall in energy prices applied downward pressure to the CAD who depreciated versus the USD. The overproduction in crude as the OPEC and non OPEC members engage in a price war has been a boon

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