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Canadian dollar presents a comeback with oil, other commodity

The Canadian dollar is rebounding from the lows. After already hitting 1.20 earlier in the week, USD/CAD is now trading around 1.1820.

The most recent move up comes with a rebound in oil prices and as other commodity currencies, the Aussie and the kiwi, are moving back up.

Dollar/CAD found support at 1.18 and broke 1.1890 on the quick way down. Further support appears at 1.17. Here is how the recent fall looks on the 30 minute chart:

USDCAD falling sharply as the price of oil leaps January 15 2015

Have oil prices bottomed out after dipping below $45? WTI now trades at around $49. Production seems to be going on as usual in North Dakota and in Saudi Arabia, but markets are never a one way street, and after a big fall, they are rebounding.

In Australia, strong employment figures boosted the currency, after it was hit by  falling copper  prices.  The New Zealand dollar is also looking good.

These moves happen as the focus of the markets is on the shocking move by the Swiss National Bank: the SNB removed the 1.20 floor under EUR/CHF, sending the Swiss franc screaming higher.


Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.