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Trump sends the USD/CAD to highest level in more than 20 years
The USD/CAD was falling back below the 1.44 handle into the European close on Friday. That was before the news of US sanctions sent it rebounding sharply into the US close. The USD/CAD later closed in the US at 1.4541. The US dollar gap-opened sharply higher today, at 1.4629 and it has extended that move to a high so far at 1.4793. The previous 2020 high, at 1.4668 provided no resistance whatsoever in that move. In fact the USD/CAD has today risen to levels not seen since 2003. It has pared that move somewhat now, but the slide in the CAD is unlikely to be easily reversed. An earlier dip did trade to 1.4674. So, as you can see, it looks like the previous peak at 1.4668 might be a support level from here on today? We shall see on that. The USD/CAD is right now at 1.4714
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