The Canadian dollar was on the fall during long days. The title “the lowest since 2009” accompanied the C$ almost on a daily basis, as the price of oil, a major Canadian export, dropped. The latest high for USD/CAD is 1.1668. Can this be the top? Here are 3 reasons to think so: Stabilization in the price of oil: While it is hard to fall a catching knife and even harder with slippery oil, we have seen some kind of bounce: Brent has come back above $60 and WTI Crude above $55. These are low levels that nobody imagined not so long ago. No, OPEC didn’t changed its mind. All we are hearing from the UAE and Kuwait is calm, but it is important to remember that the price of oil can correct itself via basic swings of supply and demand. We have already seen the Russian ruble bounce sharply from the lows. Strong Canadian data: It is important to remember that Canada is not only about oil and that the country has good fundamentals. Yet again, we have learned that there is foreign interest: the level of foreign securities purchases climbed to 9.53 billion, much higher than 5.21 expected. Canada is not Russia. US strength: The Canadian economy depends on its southern neighbor much more than on oil. While the American road to recovery is long, slow and bumpy, the world’s largest economy continues experiencing growth. We have seen stable housing numbers, a strong industrial output figure and beforehand upbeat retail sales numbers as the holiday shopping season reaches its peak. A strong US means a strong Canada and eventually a recovering C$. In the meantime, we only have a minor correction in USD/CAD: a drop from the highs to 1.1630 at the time of writing. However, we may have seen the peak. What do you think? Tomorrow we have Canadian wholesale sales and US inflation numbers for November. More importantly the US Federal Reserve convenes to deliver its rate decision. More: CAD: Loonie Taking Notes From Nokkie; What’s Next? – CIBC And here is the chart: 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. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next AUD/USD Next Targets Down Under – Morgan Stanley Chart Yohay Elam 7 years The Canadian dollar was on the fall during long days. The title "the lowest since 2009" accompanied the C$ almost on a daily basis, as the price of oil, a major Canadian export, dropped. The latest high for USD/CAD is 1.1668. Can this be the top? Here are 3 reasons to think so: Stabilization in the price of oil: While it is hard to fall a catching knife and even harder with slippery oil, we have seen some kind of bounce: Brent has come back above $60 and WTI Crude above $55. These are low levels that nobody imagined not… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.