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USD/CAD lifts to test 2024 highs above 1.36 this morning
Looking back at the daily bar chart of the USD/CAD over the past 10 trading days you can see the US dollar peaked on at least 7 days just above 1.3600. Indeed it closed on Friday above that level, at 1.3604. It has moved above that 1.36 level again right now, from an earlier session low at 1.3586. The high seen earlier was set at 1.3614, which is the highest it has reached since December last year and matches the high seen on March 19. The question today; is can the USD/CAD finally extend further above 1.36, more than it has in the past 10 trading days? If it can then there is trend line resistance in place right now around 1.3640. Perhaps the immediate observation here, is the failure of the CAD to take advantage of a more dovish Fed and a more hawkish BOC. The price action certainly attests to that failure in the short term, given where it closed on Friday and where it is right now this morning. The USD/CAD is currently trading at 1.3605
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