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USD/CAD: Loonie bolstered by oil recovery, weaker USD

FXStreet (Mumbai) - The Canadian dollar strengthened to the highest levels since mid-August against its American rival during the European session, sending USD/CAD back on the 0.30 handle.

USD/CAD drops more than 100 pips

Currently, the USD/CAD pair trades -0.88% lower at 1.3066, recovering from fresh 4-week lows reached at 1.3048 in last hours. The USD/CAD pair extends weakness, although trimmed losses, as the Canadian dollar was boosted by the recovery seen in oil prices.

WTI Oil recovered from $ 46.18 and now trades near $ 46.80 levels while the UK oil trades 0.65% near at $ 49.50.

Adding to this, the greenback remains deep in the red versus its major competitors, extending its post-FOMC weakness, thus weighing heavily on USD/CAD.

USD/CAD Technical Levels

To the upside, the next resistance is located at 1.3100 levels and above which it could extend gains to 1.3180 (Today’s High). To the downside, immediate support might be located at 1.3020 (Aug 19 Low) levels and below that at 1.2948 (Aug 12 Low).

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