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USD/CAD rebound continues as oil markets fall

The rebound in the USD/CAD has extended further since this time yesterday. The USD/CAD rose to 1.3783 after the European close yesterday, from an earlier session low at 1.3687. One main reason for that was the fall in oil prices, that later extended ahead of the US close. The other reason, as noted here, was the truth about the latest Canadian jobs numbers being far worse than those of the US. The USD/CAD closed in the US last night at 1.3767. It has tried the topside again today, but so far it has topped out at 1.3783 once more. Now that does risk a double top on the daily charts, but it is surely too early to call that yet. The nearest technical support could be the 21 day moving average. That is in place right now at 1.3737. The low seen so far today has been set at 1.3755. It is just now trading at 1.3779

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