Technical Analysis

USD/CAD hits 38.2% retracement in three day plunge. 55-dma is subsequent

Flip in oil and the US greenback weighs

USD/CAD is down one other 48 pips after a gentle US companies PMI and a robust Canadian Ivey manufacturing PMI. It is the third day of sharp losses for the pair after three months of features beginning on October 1.

As we speak’s drop brings the pair all the way down to 1.3325, which is three pips beneath the 38.2% Fibonacci retracement of the Oct-Dec rally. The following degree to look at is the 55-day shifting common at 1.3309.

The opposite degree to look at is $50 in WTI. Crude is up $1.32 at this time to $49.30 because it continues to rebound. Canadian oil is at simply an $11.75 low cost, which can also be a lot tighter than just a few months in the past — when Canadian oil hit a low of $16.

Replace: That did not take lengthy. USD/CAD all the way down to 1.3306.

ForexLive


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