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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 · 7 points
It's interesting to see how sticky that 1.40 level is proving to be for USDCAD, even with the commodity fluctuations. I'm also watching crude closely, but I wonder if the market is underestimating the impact of broader risk sentiment on CAD, especially if we see more global economic uncertainty.