USD/CAD nears the August highs as global growth worries mount
USD/CAD approaches the August peak
A 3.4% drop in oil prices and concerns about global growth are weighing on the Canadian dollar today, along with other commodity currencies.
USD/CAD is up 85 pips to 1.3309. That's within striking distance of the August high of
Technically, a break above that high would clear the way for a rise to the mid-June high of 1.3425 followed by the highs of the year at 1.3550. That kind of move could come on a shift from the Bank of Canada to a more-dovish stance.