The Canadian dollar always seems to rally on Canada Day.
USD/CAD fell through bids at 1.0645 as the pair hit 1.0643 but more are rumored at 1.0640. Larger bids are at the big fig, including an option barrier.
I’ve been talking about selling USD/CAD (and I’ve been short) since 1.0843 but the one-way 200 pip move is probably overdone at this point. The daily RSI is below 22 and the pair has fallen in 8 of the past 10 days. Positions are now likely a net long CAD so there’s nothing left to squeeze.
USDCAD daily
