Crude oil rebounded slightly, USD/CAD fell to 200-day moving average

On Thursday (February 2nd) in Asian Market, the US NYMEX March crude oil futures rebounded slightly to above US$97.50/barrel, prompting the USD/CAD to decline slightly. The exchange rate was trading around 0.9970, the exchange rate was below the 10-day moving average and short-term. Average indicators are bearish.

On Wednesday (February 1st), European PMI data was generally better than expected, reducing concerns about European growth prospects. At the same time, it was reported that the Greek government and private sector creditors reached an agreement on debt write-downs, and that Portuguese bonds issued 1.5 billion euros of government bonds. European and American stock markets maintained their gains. The market's risk aversion weakened and the US dollar index oscillated. This dragged down the USD/CAD to a 200-day moving average (around 0.9960).

Earlier, the United States Energy Information Administration (EIA) announced that crude oil inventories increased by 4.2 million barrels to a three-month high, and investors’ concerns about future economic growth in Europe suppressed the buying momentum in the crude oil market. Crude oil oscillations fell and caused damage to the Canadian dollar. Certainly dragged down, slightly support the dollar / Canadian dollar buying.

In terms of technology, from the daily chart, the USD/CAD is particularly severely repressed by the 10-day moving average (around 1.0040), indicating that the exchange rate outlook will once again fall into a suppressed pattern. Short-term concern about the 200-day moving average support, if the exchange rate breaks down to the August 11 low of 0.9721. The rebound is focused on 1.0040, if the breakout concerns the pressure near last week's high of 1.0150.

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