Recently we have witnessed the strengthening of the Canadian currency. Among the main reasons, one should mention was interest rate hike, good GDP dynamics readings, as well as the policy, i.e. growing chances for agreement among the NAFTA countries. On the other hand, for the Euro – yesterday we witnessed quite poor PMI readings from several countries. The graph shows the break and re-test of local resistance. It seems that the chart is heading south towards the lows from the end of May. We also have a similarly negative technical picture on the weekly chart..
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