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USD/CAD plunges to 9-month low on crude oil surge

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    USD/CAD dropped to a new 9-month low below 1.2800 support on Tuesday as crude oil prices surged dramatically due to renewed speculation that a deal to cap oil production levels among OPEC nations and Russia could plausibly be reached. With a meeting of major oil producers scheduled for this weekend on April 17, the run-up to that meeting has been rife with constantly shifting conjecture over what the results of those negotiations might possibly be. On one side, pessimistic observers have

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