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6 Jan 2015
USD/CAD climbs above 1.1800
FXStreet (Córdoba) - USD/CAD pushed higher and climbed above the 1.1800 level during the New York session, as oil prices drop continues to take its toll on the loonie. Crude oil lost more than 2% Tuesday and stretched to near $48 a barrel, posting a fresh multi-year low.
USD/CAD is headed up and moving closer to its 5-year peak of 1.1840 struck yesterday. At time of writing, the pair is trading at 1.1805, recording a 0.38% gain on the day.
USD/CAD short-term outlook
“For now, as risk aversion is rising and oil continues to fall at an accelerated pace, we see the risk for near-term CAD traders being further weakness”, said Camilla Sutton, analyst at Scotiabank. “In USD/CAD terms there is risk of a test up to 1.20 (or in CAD terms a test down to 0.83) preconditioned on ongoing oil weakness”.
USD/CAD is headed up and moving closer to its 5-year peak of 1.1840 struck yesterday. At time of writing, the pair is trading at 1.1805, recording a 0.38% gain on the day.
USD/CAD short-term outlook
“For now, as risk aversion is rising and oil continues to fall at an accelerated pace, we see the risk for near-term CAD traders being further weakness”, said Camilla Sutton, analyst at Scotiabank. “In USD/CAD terms there is risk of a test up to 1.20 (or in CAD terms a test down to 0.83) preconditioned on ongoing oil weakness”.