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Forex technical analysis: USDCAD completes a lap

Tumbles lower as oil recovers

The USDCAD has completed a lap as it moves quickly to the downside. The pair seems a bit worried about from the price action. The house price index was a bit higher and crude oil is off the lows at $34.53 and trades back above the $35 level at $35.27 (it is still down about 0.93% on the day).

The price is moving below the 38.2% of the move higher from the Dec 9 low comes in at 1.3679. The 50% of the same move comes in at 1.3648 and trend line support is at $36.45.

The pair is being influences by the price of Crude oil which has no problem trading 3% up or down. As mentioned oil traded as low as $34.53. It is currently trading at $35.42 as I type. This has helped the US equities to rebound in pre-market trading . The equity markets have been increasing reactionary to the price of oil of late.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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