CAD loses out as oil prices fall
USDCAD is having a fun old time as it runs up over 100 pips from the lows.
Oil is down today and making new lows as I type. The black stuff is heading for it's 3rd straight daily loss and that's been enough to get oil related currencies moving.
USDCAD H1 chart
Closer to 1.2600 is where we find the next main resistance. It's sticky from around 1.2580 through to 1.2605/10.
1.2550/60 is where support is trying to build with 1.2525/30 the next band under there.
It's been a one way street for the loonie while oil has been in charge and it the black stuff is turning down again, we could be seeing 1.30 in the not too distant future.
