Canadian Dollar Technical Analysis: Loonie Eyes Yearly Highs - Setups in CAD/JPY, USD/CAD
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Canadian Dollar Outlook:
The Canadian Dollar is quickly approaching its yearly high versus the US Dollar less than a week after the BOC surprised markets with its QE taper announcement, and just one day ahead of the Fed announces the results of its April meeting.
USD/CAD’s drop to a fresh yearly low may help accelerate flows back to CAD/JPY, which still has a bit further to go before new highs are reached.
According to the IG Client Sentiment Index, USD/CAD rates have a near-term bullish bias.