Oil goes up, USD/CAD goes down
Petrol prices closed below $40/barrel on Friday in fear of a failure to reach an agreement at the Doha summit. Well, the Doha summit failed and Petrol prices opened around $70/barrel on Mondy morning. But since then the petrol prices have only been moving higher. The CAD which is closely correlated to petrol has benefited and USD/CAD has been sliding nearly 400 pips since opening with a 150 pip gap on Monday morning. It broke below the 200 MA in the daily chart today and right now the price is just above the same MA in the monthly chart, which comes at 1.2604. So, will this MA be the line in the sand for this pair? We´ll have to see how it reacts if and when the price gets there.
The 200 MA in the daily chart which provided support week ago is already history.
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