USD/CAD rises to highest since Monday

Canadian dollar sags

Canadian dollar sags

There isn't a great reason for the Canadian dollar weakness in the past 24 hours. The US dollar was under broad pressure on the Fed decision and oil remains over $60.

One factor is the Canadian budget. There was some hope for stimulus baked into the currency but the government didn't deliver.

Technically, the break of yesterday's high isn't a big move but it's notable given the backdrop. A rise above 1.3371 would be more bullish.

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