USD/CAD rests at the 21-day MA as the slide continues


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USD/CAD down 33 pips to 1.2954

USD/CAD is at a 6-day low as it edged below yesterday’s low of 1.2955 but has so far failed to break 1.2950.

The 1.2950 level is the confluence of a psychological support level and the 21-day moving average.

If that level gives way, last week’s low is 1.2927 followed by the 1.2894, which is the 200-day moving average.

In terms of data, on Friday Canadian CPI and retail sales are due while the BOC decision is next week. The discount on Canadian oil has narrowed to $46 from $52.50 last week.

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