USD/CAD falls to a fresh 10-week low as the topping formation nears a test
USD/CAD down to the lowest since late July
Canada was off on holiday yesterday so we’re seeing elevated flows in USD/CAD. The market is also coming around to the realization that oil prices are at a 7-year high, along with all that entails for Canadian terms of trade and investment.
We’ve edged below last week’s lows now as risk sentiment stabilizes and oil prices chop around $80.75.
The technical level to watch is 1.2422, which is the late July low.
The picture in CAD/JPY is even rosier and that pair is now testing the 2017 highs.