Update on Why I Like USD/CAD

Date November 11, 2008

On Monday, I blogged about all of the reasons why I like USD/CAD. At that time, the currency pair was trading at 1.1889 and it is now 200 pips higher.

The resistance level that I have been watching was 1.20. As long as the currency pair closes above that level, there is no major resistance until 1.24.

Source: eSignal

Source: eSignal

What’s behind the move? OIL!!!!

This morning, I blogged about how the drop in oil prices will drive the EUR/USD and stocks lower. At that time, oil was trading at $60.23. It has traded as low as $58.83 this morning, which explains the sharp sell-off in the Euro and Canadian Dollar.

Good Trading!

More on this topic (What's this?)
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Read more on Loonie (USD/CAD), Oil at Wikinvest

One Response to “Update on Why I Like USD/CAD”

  1. Sameer Al-Balushi said:

    Keep up the good posts, we are reading :)

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