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Although the dollar was persistently strong today, one currency continues to buck the trend. The loonie refused to bend to sellers rejecting the 1.2400 resistance all day long. One possible reason is the rebound in crude which popped above the $50/bbl level and has stayed there for the past few days.
Some analysts believe that crude could trade up to $60/bbl which could fuel a move in USDCAD all the way to 1.2000 support. For now, the market will focus on crude inventory figures due tomorrow as well as comments from Governor Polosz. If both provide some support for the loonie USDCAD could quickly trade towards 1.2250 by the end of tomorrow’s trade.