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USD/CAD edges lower from new 4 year high
On Wednesday, even as the Bank of Canada lowered their OCR by 0.50%, the USD/CAD fell back. The drop from around 1.4190 to 1.4120 was most definitely a symptom, that such a move by the BOC was kind of priced into the market. Well, since then the push higher has resumed and the USD/CAD hit a new 2024 high earlier today, at 1.4244. That is also the highest level for the USD/CAD since April 21, 2020, when it topped out back then at 1.4265. So, that could be the next level of note on the topside from here on. The USD/CAD had closed in the US last night at 1.4220 and that was a more than 4 year closing high of course too. The continuation of the recent uptrend could ideally do with the US dollar not closing below that level tonight. It is currently trading at 1.4215
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