The August lows in USD/CAD have given way.
The 0.9850 was a significant level of support throughout most of the year. After breaking earlier in the month, it became resistance.
Oftentimes when you see a breakout, the market will go back and retest the old range. The worry is that the market is very short USD/CAD and could start to feel the squeeze.
Risk assets aren’t doing CAD any favors with stocks, oil and gold all at session lows.
