Technical Analysis

Canadian dollar climbs to session high on positive risk mood

Canadian markets are open today

It’s a holiday in the US but Canada is open and the TSX Composite is up 1%. The loonie trails only sterling at the top of the FX leaderboard today.

USD/CAD is at the lows of the day, down 25 pips. The short-term support at 1.3970 has broken and there isn’t much in the way of another run at the range lows in the 1.3850 range. All eyes remain there. No one believes in the loonie so there could be a real pain trade if that breaks.

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