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Powell helps USD/CAD extend downside move below 1.35

Since the Bank of Canada delivered a hawkish monetary policy hold earlier this week, the USD/CAD has been under pressure. The prospect of the US dollar extending to the downside was noted in an update here when the USD/CAD fell back towards 1.35. Well, yesterday it busted below that level and it has not recovered since. The comments from the Fed boss helped to ensure that too. So, the USD/CAD fell back to close in the US at 1.3459. That close was also below its 200 day moving average, in place around 1.3475. However, it is also important to note; alongside the US jobs report, we do have the Canadian monthly jobs report out later today too. That might add to this current wave lower, or detract from it. That said, the USD/CAD has fallen a bit more so far today. The range has been covered by 1.3443 to 1.3465. The price is not far above that low right now, currently trading at 1.3447
 

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