The danger image has deteriorated since Europe went house and oil can also be decrease as we speak so there’s good purpose to promote the loonie however month-end flows is perhaps pushing it additional than justified.
The pair simply crossed above 1.3800 from a low of 1.3677 just some hours in the past. Earlier this week, I posted about Credit score Agricole warning about month-end flows into USD/CAD.
An in depth anyplace above 1.3723 would be the highest since Might 2020 whereas above 1.3833 would mark a brand new intraday excessive. That is the third huge weekly acquire in a row and this pair is rallying nearly as rapidly because it did on the outset of the pandemic.
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