The USD/CAD’s recent upsurge has been halted by a rebounding price of oil today and on profit-taking given that the Loonie has reached a key resistance level around the 1.30 handle. What the USD/CAD does next will depend to a large degree on the direction of oil prices and economic data from the US later this week. The USD/CAD turned sharply higher ever since traders realised that there was a lack of supply beneath the psychological level of 1.25 last Tuesday, leading to a 500-pip rally to the…
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