USD/CAD Falls As Oil Rises, US Dollar Weak And Stocks Hold In

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USD/CAD Falls As Oil Rises, US Dollar Weak And Stocks Hold In

By Greg Michalowski on July 1, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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The USDCAD just fell sharply as oil prices remain supported despite the weaker US employment data. The pair slipped below both the 100 and 200 hour MA. Earlier today the pair tested the key retracement resistance at the 1.1657 level (high was 1.1653). The ceiling was not breached and this led to some selling. Higher oil, higher stocks and weaker US data has helped the CAD$ remain strong.

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1.1444 and 1.1416 become the next target levels (lows over the last week or so of trading - see chart below). A break below 1.1416 could lead to further corrective pressure down to 1.1321 level. This level corresponds with the 38.2% retracement of the move up from the June 1st low of 1.0785 and the high today at the 1.1653.

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