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USD/CAD still attempting to correct higher
It has been a while since my last update on the USD/CAD and in that time the US dollar has been slowly grinding higher, but without any kind of dynamic move. The USD/CAD reached a new 2024 high on Thursday, when it topped out at 1.3443. That was also its highest level since the end of December last year. That high was just shy of a target level for this rebound that had been highlighted here some while back, at 1.3453 (a 38.2% correction of the fall from 1.3899, to the December low, at 1.3177). The USD/CAD did get slightly upended by the weaker US PPI data on Friday and closed the week at 1.3410. The range seen so far today has been covered by 1.3382 to 1.3427. It is on that high right now.
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