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USD/CAD Struggles To Gain on Weaker Oil Prices
Wednesday’s oil inventories caused a sharp rise in oil prices, sending USD/CAD lower, pressure was seen again in oil prices on Thursday while USD/CAD lagged. WTI crude oil prices were seen failing at $45.97 resistance at the European open, to form a double top on the hourly chart. A steady decline since has seen prices drop below the $45.00 handle, WTI oil prices have now erased 75% of Wednesday’s gains. The US Dollar Index (DXY) has been mixed on the day. Strong downside pressure was seen during the ECB meeting, but shortly before the end of the press conference, a reversal occurred, briefly sending the index to ... (full story)