USD/CAD forms tentative bottom

USD/CAD forms tentative bottom

6 April 2016, 14:52
Francis Dogbe
0
27
Since it hit a new five-month low below 1.2900 late last week on the last day of March, USD/CAD has rebounded to hit a high briefly above 1.3200 resistance as of Tuesday. This rebound has occurred as the price of crude oil has retreated in the past several trading days, dragging the oil-correlated Canadian dollar down with it. Renewed pressure on oil prices has been brought on after an apparent stumbling block recently surfaced surrounding proposed negotiations among major OPEC nations and Russia to coordinate a cap on crude oil production. Specifically, some OPEC nations including Saudi Arabia have found it difficult to accept a concerted ...READ MORE
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