prices that saw front-month WTI futures hit multi-year highs near the $86.00 per barrel level continued to provide the loonie with tailwinds, as has so often been the case in recent weeks . But this wasn’t enough to push USD/CAD below support in the 1.
An upside surprise could push USD/CAD below the big 1.2500 figure and on towards a test of recent lows in the 1.2450 area. A surprise January rate hike coupled with further crude oil markets gains could combine to send the pair back towards a test of last Q4 2021 lows in the 1.2300 area. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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