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USD/CAD sinks to 1.4440,oil recovers

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The Canadian dollar is following the rest of the risk-associated assets today, now sending USD/CAD to test daily lows in the mid-1.4400s.

    USD/CAD lower on Chinese GDP

    The bid tone around the Canadian dollar has accelerated along with the rest of the risk-associated assets as market participants have already digested earlier disappointing results in the Chinese economy.

    In addition, the barrel of West Texas Intermediate is recovering further and flirting with the $31.00 mark after dropping to sub-$30.00 levels in past sessions.

    USD/CAD significant levels

    At the moment the pair is losing 0.77% at 1.4446 and a breakdown of 1.4128 (20-day sma) would aim for 1.3793 (low Dec.24) and finally 1.3763 (3-month uptrend). On the other hand, the next hurdle lies at 1.4654 (high Jan.18) followed by 1.4672 (high Apr.24 2003) and then 1.4946 (high Apr.7 2003).
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