Oil rally helping the CAD
Oil prices are up by nearly $2.00 or 4.5% and that is having an impact on the CAD.
Technically, the pair moved higher yesterday on the opposite dynamics. Oil was reaching new lows going back to August 3rd. However as outlined in the prior post (), support held and OPEC production cut hope is also helping. The high price yesterday pushed above the 50% of the move down from the 2016 high reached in January. That level comes in at 1.35746. The high yesterday reached 1.35876 before moving back lower.