Nevertheless, USDCAD is driven by completely different factors at this point. First, we are seeing very positive sentiment in the markets. Second, crude oil rises to 4-month highs. WTI is trading around $43 per barrel. This caused that the USDCAD broke below the support at 1.3500. Another important support is located at 1.3320 - local lows from June. Theoretically, this would require an oil price of $ 45 per barrel.
USDCAD continues to decline as oil prices rise. Source: xStation5
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