Saxo Bank - USDCAD managed to pull all the way back above parity yesterday and the 200-day moving average. A follow up move higher will put it firmly back in the old range. If we see this development, we may soon finally be able to talk up the prospects of a real uptrend starting if the pair is able to keep the momentum up and work its way through the next layers of resistance (see chart below). Also, have a look at CADJPY as a potential downside play if risk aversion deepens.
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