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Canadian Dollar Resists Selloff

Wall Street Journal – 13 minutes ago
By KAREN JOHNSON. TORONTO—The Canadian dollar resisted the steep declines of many of its currency brethren on Tuesday, as the Bank of Canada maintained its 1% policy rate and delivered a one-page statement that the market deemed surprisingly …

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However, if you examine the charts below you may observe that the oscillator readouts clearly show a topped out market ready to fall. The pattern was also present in USDCAD, EURCAD, and GBPCAD, all of which fell. There was nothing unexpected about the market resisting a selloff of the Canadian dollar as the market was fully primed to buy it.
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