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USD/CAD practically touched fresh highs at 1.2610 on Wednesday. The pair could slightly eclipse last week’s 1.2604 high and has since dropped back from session extremes a little.
Crude oil markets have encountered pressure in recent hours, with WTI and Brent both now down by more than $2.0 during US session each. This has weighed on the oil price-sensitive CAD.
The Forex market saw an earlier dip back towards the 50-day moving average in the 1.2530s as a buying opportunity. If the pair can break easily above 1.2600, then traders may hunt resistance at 1.2650, recorded on 6 October high.
CAD’s losses of about 0.25% on the day versus the US dollar make it the second worst performing G10 currency on the day.
