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USD/CAD Exchange Rate Prediction – The Dollar Eases on Broad Profit Taking
The USD/CAD reversed course on Monday after breaking out and rallying most of last week. The whipsaw price action and lower close on Friday rejected higher prices and likely was a precursor to Monday’s selloff. U.S. yields declined on Monday despite a stronger than expected increase in July existing home sales. The USD/CAD reversed course and dropped 1.34% following last weeks 2.7% surge. The greenback rose as traders started to focus on Friday’s Jackson Hole meeting. Support is seen near the 10-day moving average at 1.2620. The 10-day moving average crossed above the 200-day moving average, which means that a ... (full story)