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21 Feb 2014
USD/CAD hits fresh 2-week highs
FXStreet (Córdoba) - The USD/CAD continues to rally and recently reached a fresh 2-week high at 1.1123, extending weekly gains. The Loonie was among the worst performers in the currency market on Thursday and so far on Friday continues to be in the weakest group.
USD/CAD strong reversal
On Wednesday the USD/CAD was moving to the downside, trading in a corrective mode after soaring in January but after the release of Canadian economic data rocketed. The pair bottomed two days ago at 1.0909 and since then it has risen more than 200 pips, erasing in less than 48 hours all monthly losses.
From Monday’s opening is gaining 140 pips and if closes the week above 1.1125 (currently trades at 1.1118) it would post the highest weekly close since July 2009.
USD/CAD strong reversal
On Wednesday the USD/CAD was moving to the downside, trading in a corrective mode after soaring in January but after the release of Canadian economic data rocketed. The pair bottomed two days ago at 1.0909 and since then it has risen more than 200 pips, erasing in less than 48 hours all monthly losses.
From Monday’s opening is gaining 140 pips and if closes the week above 1.1125 (currently trades at 1.1118) it would post the highest weekly close since July 2009.