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Forex: USD/CAD plunges below 1.0200 level on crude oil

FXstreet.com (Barcelona) - The USD/CAD has plunged off the 1.0231 handle earlier today as crude prices jumped on the Cyprus resolution. This plummet scaled nearly 40 pips, as the cross fell below the 1.0200 level to test support at 1.0195/96 in these moments, down -0.34% Monday.

“The USD/CAD is trading with a negative bias affected by the bearish harmonic Bat Pattern, which remains valid with stability below the 1.0355 level. As for today, trading below the 1.0295 region has to be viewed as negative.” warns the ICN.com analyst team.

Mataf.net analysts calculate that any further collapse in the USD/CAD will be fortified by supports at 1.0192, ahead of the 1.0165 handle. Conversely, the pair will face short-term resistance at 1.0253, followed by 1.0280, and 1.0297.

Earlier today, the price of crude jumped above the 94.00 level to start the week off on a positive note, peaking at 94.68 region. However, at the time of writing, crude has edged lower to USD $94.47/bbl.

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