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USDCAD Tests Resistance On Geopolitical Fears

CANADA
  • Ahead of the BoC and Fed on Wednesday, USDCAD has touched new recent highs of 1.2619 (currently 1.2616) on broader USD strength as a result of growing geopolitical pressures.
  • It has tested initial resistance at 1.2617 (20-day EMA) and 1.2620 next (Dec 31 low), after which it could open 1.2732 (Jan 7 high).
  • This sees USDCAD 1.3% off last week’s lows and very close to where it was prior to the previous BoC meeting on Dec 8 despite falling 4% from peak to trough between Dec 20 and Jan 19.

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