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USD/CAD rise stalls at 1.3700 for now
Yesterday the surge in the US dollar pushed the USD/CAD to its best levels of the year. The Bank of Canada policy decision helped the dollar higher too. Whilst the BOC sat on their hands there was dovish narrative accompanying that decision. So, the USD/CAD managed to rise just a pip or two above 1.3700 and in the process reached its highest levels of the year to date. The USD/CAD later closed in the US last night at 1.3682. Earlier today it tried the topside again, but so far it has stalled at 1.3695 and edged lower since. Nothing has changed in terms of the overall direction though, but it has stalled for the time being. The next level of note remains in place at around 1.3725, but the dollar has yet to take that on. First support is now at 1.3623. The USD/CAD is currently trading at 1.3681
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