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USD/CAD pulls back to key support as crude oil bounces

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    USD/CAD pulled back sharply on Thursday as crude oil staged a bounce from extreme multi-year lows and the markets digested the Bank of Canada’s decision a day earlier to keep its key interest rate unchanged at 0.5%. Thursday’s surge in crude oil prices helped provide a boost for the long-battered Canadian dollar, which is closely linked to crude prices due to Canada’s reliance on oil exports. Crude oil’s bounce from 12-year lows on Thursday was prompted in part by a large, unexpected draw in

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