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USD/CAD Pullback from 50-Day SMA Leads to Break of March Opening Range
USD/CAD trades to a fresh monthly low (1.2569) following the limited reaction to the Bank of Canada (BoC) interest rate decision, and the advance from the February low (1.2468) may turn out to be correction in the broader trend rather than a change inbehavior like the price action seen in 2020. USD/CAD snaps the monthly opening range for March as it continues to pullback from the 50-Day SMA (1.2694), and the updated to Canada’s Employment report may keep the exchange rate under pressure as job growth is expected to rebound in February. Canada is projected to add 75K jobs after shedding 212.8K jobs in January, and a ... (full story)