USD/CAD falls with rising Oil prices to more than 2-week low

FXStreet – The USD/CAD remains on Monday strongly offered, and so he falls for the new month deep below the horizontal support of 1.3650/45.

The Pair is under selling pressure after it was reported to agree that Russia and Saudi Arabia an extension of OPEC Deals to production cuts until March 2018. This led to the oil markets, a strong rally and the raw material will benefit currencies such as the Loonie. WTI crude oil is increasing by around 2.5% to 49,00 $ per Barrel, what is the most important factor for the decline of the pair.

Add to that the subdued price development of the US Dollar Index, after which it was to come on Friday, disappointing US data (Inflation and retail sales). The Pair reached 1,3635/30 the lowest level since may 28. April.

From the United States are waiting for us in the afternoon only of the Empires State manufacturing index, while the development of the Oil prices, until then the exclusive driver.

Important Levels

Supports can be found under 1.3600 for at 1,3575/70 and 1,3515/10. On the other hand, Resistances can be found at 1,3650, 1,3690-1,3700 and 1,3745/50.

** FXStreet News Editorial, FXStreet**

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