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10 Sep 2015
USD/CAD hits fresh lows below 1.3200 as crude oil rises
FXStreet (Córdoba) - USD/CAD lost almost a hundred pips from daily highs and recently printed a fresh daily low at 1.3174. The pair remains near the lows, holding a bearish tone but near an important support.
The recent slide was boosted by crude oil prices. The WTI barrel traded at $43.50 and now is slightly below $46.00, up almost 4% for the day. The recovery from the lows helped the loonie.
USD/CAD remains in ranges
Despite falling today 0.50% the pair continues to trade in a range without a clear direction, moving sideways. Price action remains limited facing resistance at 1.3315 and with the downside capped by 1.3150.
The decline is also being supported at the moment by an ascendant trendline originated at July 29 lows. A break lower could open the doors for a bigger slide.
The recent slide was boosted by crude oil prices. The WTI barrel traded at $43.50 and now is slightly below $46.00, up almost 4% for the day. The recovery from the lows helped the loonie.
USD/CAD remains in ranges
Despite falling today 0.50% the pair continues to trade in a range without a clear direction, moving sideways. Price action remains limited facing resistance at 1.3315 and with the downside capped by 1.3150.
The decline is also being supported at the moment by an ascendant trendline originated at July 29 lows. A break lower could open the doors for a bigger slide.