Loonie Versus Dollar and Yen December 21st

FX Strategy Video > Currency Pairs Analysis

USD/CAD fell to the 1.03 level, and even managed to break below it during the Tuesday session. The oil markets exploded to the upside in light volume, and this undoubtedly had an impact on this pair. The 1.03 level did eventually offer support, and this shows us that the upside pressure is still there. Presently, we are looking for supportive candles all the way down to 0.99 to buy from.

CAD/JPY rose during the session as well, and the recent move looks somewhat bullish. The oil markets will certainly be key in this pair as the Japanese have to import 100% of their oil. With this in mind, we are watching oil to make our decisions in this pair.

Published on 20th of December 2011
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