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USD/CAD tumbles below 1.3100

FXStreet (Córdoba) - The Canadian dollar rose sharply across the board during the American session boosted by a rally of crude oil prices. USD/CAD broke below 1.3100 and accelerated the decline.

The pair bottomed at 1.3055 and is testing the 1.3050/55 area that capped the decline last week. Currently it trades at 1.3060, down 0.60% for the day.

USD/CAD strong reversal

From the highs the pair has fallen more than a hundred pips and is back under pressure. The area around 1.3050 is key short term support. A break lower could open the doors for a bigger slide.

The loonie rose in the market as crude oil soared. The barrel (WIT) started to rally on reports that OPEC members were attempting to establish a price floor. Recently the barrel climbed above $48.00, gaining more than 4% for the day.

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