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USDCAD Extends Gain To Test Resistance

CANADA
  • Further to the above on upward pressure on USDCAD after soft Canadian retail and manufacturing sales, USDCAD has since tested resistance at yesterday’s high of 1.3714.
  • A clear break here could open 1.3804 (Apr 19 high) after which lies 1.3846 (Apr 16 high), which previously proved short-lived as USDCAD had tilted more firmly into overbought territory for the first time since August

Source: Bloomberg

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