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USD/CAD jumps above 1.1200 amid oil's collapse

FXStreet (San Francisco) - The USD/CAD climbed around 50 pips from 1.1165 to break above 1.1200 and to reach fresh highest level since March 24 at 1.1220. Canadian Dollar is trading under pressure amid the $3.80 collapse in the oil prices to $91.00/barrel.

According to Jamie Coleman, the free-falling oil is helping to push USD/CAD through 1.12. "Crude is taking a beating today with WTI down over $3 to 91.30 and Brent down $2.75 to 94.80." Coleman points out that there are not "good news for Canada, whose oil is expensive to extract compared to elsewhere."

Currently, USD/CAD is trading at 1.1218, up 0.48% on the day, having posted a daily high at 1.1220 and low at 1.1132. USD/CAD spot is in overbought territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.

USD/CAD levels

If the pair consolidates gains above 1.1200, it will face next resistances at 1.1225 and 1.1275. On the downside, supports are at 1.1200, 1.1175 and 1.1135.

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