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Will Trump Bump Help USDCAD?
Donald Trump as he is wont to do flipped the FX market around with one single statement that he was in favor of a strong dollar. The greenback which was getting pounded all day long suddenly found a bid and ended up coming off the lows in what appeared to be a sentiment reversal move.
We are not sure of the Trump bump will last, but if the dollar is going to bounce, USDCAD is one of the likelier candidates as tomorrow’s Canadian CPI is expected to show a marked drop off in inflation which could quickly push the pair through the 1.2400 figure.
Technically the pair has made a reversal doji on the daily charts and looks ripe for a bounce.