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USD/CAD lifts above 1.38 ahead of Canadian CPI later today]
The rise in the USD/CAD has extended to a new 2024 high today. The US dollar has lifted above 1.38 for the first time since November last year. The USD/CAD closed in the US last night at 1.3788. It has risen to 1.3814 earlier this morning. It has backed off that high just now. The next potential resistance level is now at 1.3844, from the high set back in November 2023. The further weakness in the CAD is mostly about the US dollar, but it might change, when we get some important Canadian CPI data later on, at 12.30pm GMT. There will be more to add on that once thew data is revealed. Yesterday the USD/CAD did fall back to test what is now support at 1.2725. The low seen was set at exactly that level. The low seen so far today has been set at 1.3784. It is just now trading at 1.3791
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