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USD/CAD limited at 1.1360

FXStreet (Edinburgh) - The CAD keeps losing ground vs. the US dollar on Thursday, with USD/CAD now returning to 1.1335/30 after hitting tops near 1.1360.

USD/CAD boosted by OPEC

Spot has seen its upside suddenly renewed after the OPEC announced it will not reduce the production in order to revert the sharp drop in oil prices in today’s meeting in Vienna. The barrel of WTI slumped to the $67.70/bbl area soon after the announcement, levels last seen in May 2010. The CAD depreciated accordingly, allowing spot to climb more than a big-figure from the 1.1240 region. Camilla Sutton, Chief FX Strategist at Scotiabank, noted the short-term technicals are bearish, as “most studies warn of an ongoing downward pressure on USDCAD, with the 50‐day MA at 1.1236 so far holding as support; a break below here would open up the recent low of 1.1192”

USD/CAD relevant levels

As of writing the pair is now up 0.98% at 1.1345 and a breakout of 1.1394 (high Nov.13) would open the door to 1.1402 (high Nov.11) and finally 1.1450 (high Nov.7). On the downside, the immediate support lines up at 1.1235 (low Nov.27) followed by 1.1228 (low Nov.26) and then 1.1225 (low Nov.24).

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