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USD/CAD reaches first upside target as it sets a new 2024 high

Some days back, when the USD/CAD busted above 1.3623 a potential upside target level was outlined here, at around 1.3725. Well, eventually that price point has now been reached. The USD/CAD nailed that level yesterday afternoon on the 4pm London Fix. A bout of  profit-taking from 1.3725 did kick in, into the US close. The USD/CAD closed last night at 1.3689, but it is now rising again and a short while ago it set a new 2024 high at 1.3729. As to where next remains a little less certain, but overall this is being driven by a wider dollar index (USDX) move, remembering that the Canadian dollar is a leading component within that index make-up. The USD/CAD is just now trading at 1.3723

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