Forex news for US trading on September 7, 2016
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The Bank of Canada kept rates unchanged but was a bit more cautious in it’s assessment of the downside risks. That sent the USDCAD to the upside in a hurry with the price going from 1.2820 to about 1.2910. However, momentum slowed and the rest of the day was spent in a 23 pip trading range. The good news is gains were kept and support at the 1.2885 held support on the largest corrective move (level was a swing low twice in trading yesterday). Stay above keeps the bulls more in control. in the new trading day. UPDATE: A drawdown of 12.1 billion barrels at the end of the day in the API report is leading to a late day sell off in the USDCAD toward that support at the 1.1285 area. The level is holding for the time being.