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USDCAD News

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Last Updated Date: 2 June 2022 @ 11:10 AM (UTC)
*Please note that all the dates are in GMT time zone

The Canadian dollar will gain ground over the coming year as high commodity prices bolster Canada's economic outlook and the Bank of Canada likely continues to raise interest rates aggressively. The loonie is the only G10 currency to keep pace with the U.S. dollar, a magnet for safe-haven flows, in 2022. (Reuters).
 

Technically, the market has triggered a short term bear downturn, signaling for a drop to 1.2605 and chance for selloffs to test against 1.2568. A reluctance to extend under 1.2605 will likely prompt near term rebounds, but trade will likely struggle to climb back over 1.2728. A close over 1.2730 is needed to reverse the short term trend back up.


 

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Whilst leverage enables traders to magnify their profits on successful trades, it is possible to sustain significant losses,around 78% of retail investor accounts lose money when trading CFDs.