Chart of the Day: USD/CAD

USD/CAD is in a descending channel with channel resistance coming in just above the 1.3700 level. With horizontal resistance there and previous support from the end of May near the same level, the risk may be for a test of the 1.3700-1.3725 level in the coming days. Crude, which is strongly correlated with the CAD, looks like it could correct lower and this could aid in the move higher of the USD/CAD in the coming days if that does transpire. We should also note that the gap was filled a couple weeks ago at the 1.3420 level and we have held above since then.

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