USD-CAD's has settled back around 1.1200 after the hit back from sub-1.2000 levels stalled at 1.2256 yesterday, which is the highest level seen since Apr-23.We belief the recovery is as a result of the strong U.S. dollar, after making a four-month low at 1.1920. We didn't see a conclusive
of the big-picture support region at 1.1950-1.2000. Bigger picture, the fall in USD-CAD from levels above 1.2700 during the mid-to-latter part of April is technically significant as it smashed the series of range lows established over the last four months in the 1.2351 to 1.2400 region. We look for further declines to the mid-1.17s. The 200-day moving average is at 1.1788.
