Canadian dollar brushes off soft oil
Canadian oil settlement payments tend to hit around the 25th of each month so I’m wary of a false breakdown here but you just can’t ignore the technical picture.
Today, USD/CAD broke below the minor double bottom at 1.3638 and the major uptrend since May 2015. For the cherry on top, it took out the 1.3600 level as well.
It accomplished all the despite a 2.3% drop in oil today and a day when other commodity currencies were flat.
There isn’t any significant support until 1.3457/50 which was a key level before the big breakout at the end of last year.
I spoke with BNN about the outlook for global markets and the Canadian dollar on Friday.
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