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USD/CAD plummets as WTI breaks above $29.00/bbl

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    USD/CAD faced a bout of selling and plummeted toward 2-day lows as WTI crude futures continue to move higher, climbing above $29.00/bbl.

    The Canadian dollar strengthened in sync with oil prices and the commodity complex, dragging USD/CAD to a low of 1.3833 in recent dealings. The pair has lost more than 120 pips from daily highs and it is currently trading at 1.3840, 0.69% below its opening price.

    USD/CAD levels to watch

    In terms of technical levels, next supports are seen at 1.3820 (Feb 10 low), 1.3785 (Feb 9 low) and 1.3709 (Feb 5 low). On the other hand, resistances line up at 1.3963/66 (Feb 12 high/50-day SMA), 1.4015 (Feb 11 high) and 1.4073 (20-day SMA).
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