USD/CAD: Bruising Climb to Short-Term Highs Sparks Reversal

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USD/CAD: Bruising Climb to Short-Term Highs Sparks Reversal
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The USD/CAD is trading near the 1.33800 ratios as of this writing in conditions that may be creating speculative questions regarding short-term trends.

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After a solid rise on Friday and Monday and flirting with the 1.34750 mark, yesterday’s trading ‘only’ achieved a high of around 1.34690 before starting to reverse lower. As of this morning, yesterday’s selloff has created an intriguing price that is seemingly finding it hard to climb back above 1.34000 for the moment.Reaction Higher was Violent but the USD/CAD didn’t Break Intriguing Resistance

The USD/CAD certainly showed buying strength this past Friday, this Monday, and even yesterday, but it seemingly continues to ignite reversals lower. If the USD/CAD were to see sustained trading below the 1.33800 mark this could prove intriguing. However, in the short term, the 1.33800 may prove to be a lightning rod in which support and resistance levels with narrow targets are fought over as momentum is battled.. On Friday Canada will release its employment statistics which could make conditions momentarily nervous too.

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