USDCAD surges on risk-off sentiment.
USDCAD under the immense bullish pressure today made out of the two separate forces – the strong USD inflows and the equally strong CAD outflows. Both of these powerful trade flows are due to the markets switching into the large-scale risk-off mode on the accelerating Delta variant cases worldwide – as WHO has announced the start of the strong new third wave across the globe. Daily infections have been surging from the United States and Europe to Asia and the global seven-day average of new cases each day is over half a million for the first time since May. Traders are holding their breath as England lifts most social restrictions – which should further accelerate the spread of the virus in UK. This is also hurting expectations of oil demand growth – triggering massive CAD selling (Canada being top oil exporter).
Expect buyers on downward corrections.
Next resistance to watch – 1.2870
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