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USD/CAD rejects a sustained move higher after reaching a new 2024 high last week
On Friday the USD/CAD did eventually brush aside the weak US data and better than forecast Canadian PMI reading. So, the US dollar did manage to push above the then current 2024 high, at 1.3946. The USD/CAD lifted above that level to post a new 2024 high, at 1.3959 and later posted a new 2024 daily and weekly closing high, at 1.3949. However, the relapse in the US dollar earlier today helped the CAD to rebound and that saw the USD/CAD drop back to a session low at 1.3892. It has lifted off that low now though and pushed back above 1.3920 a short while ago. To be honest with you, the immediate outlook seems to be caught in the crosshairs of the looming US election and that accounts for the lack of traction given that positive close on Friday. Look this is in the balance this week and nothing seems to be off the table over the coming few days. So, trade it as you see it folks and remember the technicals may count for little at times like this. The USD/CAD is currently trading at 1.3919
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