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Watching CAD after the recent move
The $USDCAD pair is still holding above 1.40 at 1.40866 today, even with the slight dip. I'm seeing a lot of chatter about the CAD's potential sensitivity to any further shifts in commodity prices, especially crude. Seems like the market's still trying to price in a clearer picture of global demand, which then feeds into the Canadian dollar's strength.
For my watchlist, I'm keeping an eye on how $USDCAD reacts if $MGC manages to break and hold above its current 274.15 resistance. A sustained move could finally give the CAD some legs, or at least stabilize it. The macro picture on rates isn't helping much, but energy looks like the primary driver here for now.
4 comments · 1 points
It's interesting how closely USDCAD has tracked commodity sentiment lately. I'm wondering if the upcoming inflation data could introduce another layer of complexity, potentially decoupling it slightly from just crude. Worth watching.