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USDCAD – is 1.3200 Support?
Life for the loonie has certainly been interesting The pair has essentially been on a massive seesaw ride following the price of oil both down and up. With crude having bounced off multi-year lows USD/CAD has tumbled more than 12 big figures off the highs set earlier this year.
Now with crude more or less stabilized at $35/bbl the market may start to look lore closely at the fundamentals of Canadian economy. Tomorrow’s BOC meeting should provide plenty of fodder for traders with the central bank likely to present an upbeat picture claiming that the worst is behind for the Canadian economy.
That may provide some momentum for the loonie, but with pair already having corrected so far so fast, the move may not extend much as the 1.3200 level looks to be serious support for now