The rise in oil and it brings CAD

The rise in oil and it brings CAD

9 April 2016, 08:03
Diego Bonifacio
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After skiing and Brent crude oil last Thursday amended the day, the rally this week sounded the third positive session.
Rally drove through the night began Brent trading just above $ 40bbl, with less than 1% of the positive performance, while the WTI $ 38bbl score standing encouraging + 1.30%.

Brent
WTI

For the "black gold positive moment may be due to profit-taking is eligible investors, short-term commodity positioning date all eyes and all day today focused on the number of data in the exercise, to be released in the late afternoon.


Another factor in favor of oil that the recent dollar, which lost ground weaknesses, raise the price of a barrel.
The key elements of this month is still scheduled for April 17, which could be affected in the coming months, oil prices have had a serious impact Doha.

Jointly push for the Canadian dollar, which is cumbersome oil prices and the dollar, he looked up to the main industry, bringing USD / CAD -0.31%, trading at 1, 3104.

Day today saw the release of several important data in Canada is very prominent especially regarding unemployment are in March, you can store some surprises net employment change. While the former is expected to stabilize at 7.3% forecast for the second data they see change -2.3k 10.0K units compared to the previous month.

Of course, far from the expected data may affect the CAD price action, and more especially in the US dollar / Canadian dollar movement, but the focus is still the price of crude oil, Canada's currency seems to have more influence.

USD/CAD

The technical analysis shows, the first cross to the 1.2858 support level (2016 low frequency March 31), a cross can break free manner in 1.2124 second significant support.

Also take into account cross-AUD / CAD and NZD / CAD, two pairs of currency and β than the average investor risk appetite at this time to consider, which might be considered if the market can return to a sense of risk aversion.

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