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USD/CAD Vulnerable To A Broader Decline
USD/CAD had shown some resilience on Wednesday as an OPEC oil output deal triggered a sharp rally in oil prices while the exchange rate closed the day out with a marginal gain. The pair gained downside momentum on Thursday and is seen under pressure once again on Friday as the rally in oil prices retains momentum. WTI crude oil prices (USOIL) reached resistance on Thursday from prior highs for the year causing a pause in the rally. A turn lower, however, was short-lived as USOIL is on track to post a third consecutive day of gains. Resistance at $51.64 remains a big hurdle but the relatively minor decline from the ... (full story)