The Loonie dropepd sharply as Oil prices have collapsed and remains offered across the board as we are heading into the NY close. USD/CAD broke above 1.13 without meeting much resistance on the way there. The charts suggest no serious resistance area until 1.17, but it is unlikely that we’ll see a sharp rally towards that level. Larger option structures towards 1.15 will slow momentum and OPEC will likely act if Oil prices decline too much.
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