As crude oil goes up so does, the Canadian dollar and the USD/CAD has been plunging since oil began rallying several weeks ago. Even the failure of OPEC to agree to a price freeze could not stop oil's persistent rise. Now at nearly $44 crude oil is approaching a congestion area it struggled with in the past. If CAD is to continue rallying against the US Dollar, it will need to push through this area. Failure to do so will cause CAD's rally to reverse. The question is: would a fall in oil drag equity markets down with it? Hmmm....
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