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USD/CAD back above 1.32 again
Yesterday the USD/CAD fell to its lowest level since July 31, when it reached 1.3177. It did rebound from there though and later posted a US close at 1.3208. Earlier this morning it tried the downside again, as US dollar came under further pressure across the board. That delivered a low at 1.3189, but so far it has rejected a move to below 1.3177. It is now on the rebound again and has managed to rise above the level at which it closed last night. The rebound high is being set as I write. The prospect of more upside should ruled be out in the short term, as it seems to be a squeeze on long CAD positions right now, after what has been a great run for the Canadian currency over the past few weeks. The high seen last night ahead of the close was set at 1.3219. It is currently trading at 1.3214
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