Tumbles lower as oil recovers
The USDCAD has completed a lap as it moves quickly to the downside. The pair seems a bit worried about from the price action. The house price index was a bit higher and crude oil is off the lows at $34.53 and trades back above the $35 level at $35.27 (it is still down about 0.93% on the day).
The price is moving below the 38.2% of the move higher from the Dec 9 low comes in at 1.3679. The 50% of the same move comes in at 1.3648 and trend line support is at $36.45.
The pair is being influences by the price of Crude oil which has no problem trading 3% up or down. As mentioned oil traded as low as $34.53. It is currently trading at $35.42 as I type. This has helped the US equities to rebound in pre-market trading. The equity markets have been increasing reactionary to the price of oil of late.