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USD/CAD – Any Upside Left?
USDCAD went on a wild ride today as risk on/risk off flows spilled over from both equity and oil markets with commodities first getting crushed then bought on a very turbulent day full of macro and political news.
Tomorrow attention of the market will turn to more mundane matters as the Canadian CPI data is due to be released and given the jump in IVEY PMI prices there is a good chance that the numbers could hotter than expected. That could provide further fuel to the loonie which already say a major turnaround in North American trade.
Technically today’s flame out candle suggest that there is more downside in the pair as 1.3100 clearly caps the rally for now.