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USD/CAD off the lows this morning
As covered here yesterday, the slide back in the USD/CAD extended below 1.4300 and marked a more than 500 pip reversal from the 1.4793 high seen on Monday. The USD/CAD eventually fell back to 1.4270 just ahead of the 4pm London FX fix and it would seem unlikely that anyone long from earlier in the week was still in the trade at that point. The USD/CAD later closed in the US at 1.4310. So, the combination of the news that drove it lower to start with and the fall in US yields was the mix that delivered that massive reversal. Well, it has rebounded so far today. This is not too much of a surprise given the prior slide. The question now; how much further has it got to go? Perhaps the slide was overdone yesterday? All questions that are hard to answer right now to be honest. The high seen so far this morning has been set at 1.4352. The USD/CAD is right now at 1.4351
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