Technical Analysis

USD/CAD falls to the lows of the week as oil costs pop

USD/CAD down a half-cent

USD/CAD is tightly correlated to grease in the intervening time. A bounce in WTI to $52.00 despatched USD/CAD to the lows of the day at 1.3234, hitting stops beneath 1.3244.

1 hour:

USD/CAD has been consolidating within the 1.3150-1.3300 vary after a pointy fall to begin the 12 months. All of it seems very wholesome for the loonie because the bounce was modest in comparison with the sharp drop.

The extent to observe to the draw back is 1.3119, which is the 61.eight% retracement of the Oct-Dec rally.
   


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