November 27, 2022

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USD/CAD tests the June high

1 min read

USD/CAD climbs further

USD/CAD ran some stops in a pop to 1.2585. The high last week was 1.2590 and that’s the short-term resistance level to watch.

The loonie isn’t getting any help from the intraday improvement in oil prices today.

USD/CAD climbs further

The move higher in the pair is part of a broader USD bid as risk aversion ramps up. The S&P 500 is down 16 points and having another look at the lows of the day.

I fear this could get ugly into the close with the dip buyers finally taking a break.

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