Forex Trading: USD/CAD Spikes On Oil Freefall

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Forex Trading: USD/CAD Spikes On Oil Freefall

By Greg Michalowski on November 21, 2008 | More Posts By Greg Michalowski | Forex News By FXDD

With the price of oil breaking the $50 barrier and trading lower, the USD/CAD pair appropriately spiked up to the October closing levels. With clear pressure on the price of oil as world economies slow down and are predicted to continue down that path, we will look for USD/CAD to continue north and possibly test the May 2004 highs. The retracement analysis below is based on the May 2004 high and the November 2007 low.

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