The Canadian dollar rallied across the board earlier in the Friday session when a rumored large bid entered the market and sparked growing bullish sentiment stoked through high energy prices. The run on stops was short lived though, as the rally quickly sputtered out and the currency retraced on profit taking.
- [B]Resistance[/B]: 1.0730
- [B]Support[/B]: 1.0600
- After trading in a tight range for three weeks, the USDCAD experienced high volatility. Today, the USDCAD dipped down, hitting a 30-year low at 1.047. The pair appears to be collecting itself into another range as it is typical for it to have controlled sessions with low volatility followed by large volatile moves.
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