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USD/CAD takes out 1.32

The fall in the USD/CAD has now extended to below 1.32. The USD/CAD closed last night at 1.3195 and that was right on its session lows too. The USD/CAD has previously closed last Friday at 1.3270. So, as you can see quite a relapse from one day to the next. That means the whole rally from the July low at 1.3093 to the November high, at 1.3899 has all but totally unravelled. Much of this has to do with the relative level of US and Canadian bond yields over the past couple of months. The range seen so far today has been covered by 1.3185 to 1.3210. The 14 day RSI is showing signs of the CAD being overbought right now though and perhaps that is something not to ignore? The USD/CAD is currently trading at 1.3195

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