The last couple weeks I had (wrongly) tried to play the long side of the USD/CAD until the Bank of Canada started to taper bond purchases, which allowed CAD to push USD/CAD to new trendline. Combine the central banks action with a strong stock market and “risk taking” euphoria of the capital markets, this could send the pair below the 1.2200 level near term. Channel support and the 161% extension at 1.2186 seems like a viable near-term target while below the 1.2366 level.
USD/CAD Daily Chart.
Chart Of The Day: USD/CAD
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