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Oil Adds Further Bearish Impetus to USD/CAD

CAD
  • USD/CAD making headway through the 1.26 handle in recent trade, marking the fourth consecutive session of lower lows for the pair. Downside bias clearly retained following the break of key support at 1.2621, with solid oil prices today adding some extra impetus.
  • A clear break here of both 1.2621 as well as 1.2608 (Dec8 low) strengthens the bearish case to initially target 1.2585 and 1.2546 (61.8% retracement of the Oct - Dec rally)

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