the daily chartist

USD/CAD recap for 12.10.2015

published 4 years ago
USD/CAD Daily

With Oil's doomed fate (for now) so did the Canadian dollar suffered losses. Price dipped to the demand zone at 1.29435 and just like that, the USD gained ground against the Loonie climbing back up towards 1.30. If Oil continues to slide, price will climb back again up to 1.33951 but before that price must breach 1.31582 in order to continue. Another catalyst for the weakening CAD can be the weak economic data from Canada and more talk from BoC for upcoming easing. CAD and Oil are in correlation. When Oil drops, CAD drops which means buy USD/CAD and the opposite - sell USD/CAD when Oil rises. Look out for this correlation between them and act in the same direction.