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Fed and oil price rebound totally derails USD/CAD

The drop back in the USD/CAD was already underway on Wednesday before Jerome Powell and the Fed kicked it totally into touch. The drop back through 1.35, that later saw it fall below that level and its 200 day moving average (now at 1.3510) has now seen it fall below 1.34 today. The USD/CAD had closed in the US last night at 1.3407. It has traded to a low at 1.3374 so far today. It is a little above that low now, but it needs to get back above that 1.3510 level on a sustained and daily closing basis, in order to stem this current downside trend. In fact the low today is the lowest for the US dollar since August 10. The rebound in oil prices off the lows earlier this week has also added to the downside momentum. The USD/CAD is currently trading at 1.3382

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