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USD/CAD still on the rebound today

A couple of days ago an update here pointed out how well the Canadian dollar had been preforming in recent weeks. It had fallen back from a high 1.3899 on November 1, to a low at 1.3177 on December 27. However, that update noted some caution on further downside as a result. Well, it tried to rebound yesterday, but with only limited success. However, a later push back to the most recent lows, right on the 4pm London fix seems to have been caused by year-end selling orders. At the same time that 1.3177 level held and that has been a key factor in helping the US dollar to make a more solid rebound so far today. The high seen a short while ago was set at 1.3264, following a close last night at 1.3229. The first major resistance level from here on is still a long way off and I do not expect the USD/CAD to rebound that much ahead of the Year end today. It is currently trading at 1.3258
 

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