24 Aug 2015
USD/CAD remains volatile, rebounds from 1.3150
FXStreet (Córdoba) - USD/CAD is trading back above 1.3200 and near multi-year highs as crude oil approaches again the lows. The pair peaked earlier at 1.3287, the highest level in 11 years and then reversed and dropped quickly to 1.3140, hitting a fresh daily low.
From the lows it bounced back above 1.3200. Recently reached 1.3260 and it was trading at 1.3220/30, 50 pips above the level it had at the beginning of the day.
The loonie changed the trend as the recovery of crude oil prices lost strength. The price of the barrel bottomed earlier below $37 and then bonce to the upside reaching levels on top of $39 but failed to hold and it was moving back toward $37, weakening again the loonie.
Despite the decline of oil and the rally of USD/CAD, the loonie was the best performer among commodity currencies on Monday, posting important gain versus the kiwi and the aussie.
From the lows it bounced back above 1.3200. Recently reached 1.3260 and it was trading at 1.3220/30, 50 pips above the level it had at the beginning of the day.
The loonie changed the trend as the recovery of crude oil prices lost strength. The price of the barrel bottomed earlier below $37 and then bonce to the upside reaching levels on top of $39 but failed to hold and it was moving back toward $37, weakening again the loonie.
Despite the decline of oil and the rally of USD/CAD, the loonie was the best performer among commodity currencies on Monday, posting important gain versus the kiwi and the aussie.