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USD/CAD rebounds from a brief look below 1.3615 with BOC in focus this week
A noted potential support level on the USD/CAD held on Friday. That was at 1.3615. The low seen was set around 1.3625. The USD/CAD later closed out the month in the US at 1.3628. Earlier today the US dollar did hit a new interim low and seemed to trip stops below 1.3615, when it fell to 1.3606 during the Asian session. It has rebounded off that low now though, which does further suggest that stops were the driver for the low. Now, later this week we have the monetary policy decision from the Bank of Canada. That is due on Wednesday at 1.45pm GMT and the BOC are expected to lower their OCR, to 4.75%, from the current 5% level. So, with that in mind one might ask why the USD/CAD came under pressure earlier today? Well, it could be a case of squeeze it one way and then the next, before the outcome is known. We shall see on that. The USD/CAD is currently trading at 1.3642
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