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USD/CAD back above 1.37 today as Oil falls

Yesterday the USD/CAD did test the noted support on the charts at 1.3658. In fact it slipped just a couple of pips below there (1.3655 the low), but that 50 day moving average essentially capped the downside in the US dollar again and the rebound in US yields and further falls in the oil price ensured the USD/CAD was able to recover. The scene is pretty similar in that sense this morning too and with the oil price close to session lows right now, that is adding some pressure on the Canadian currency. The USD/CAD closed in the US last night at 1.3683. It has lifted to 1.3713 so far today, from an earlier session low at 1.3678. The 50 day moving average is unchanged, at 1.3658. The USD/CAD is just now trading at 1.3702
 

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