The debate is on after USDCAD paused above 1.3950 (low 1.3968) , 61.8% retracement of the 1.3731–1.4300 rise, and formed a higher low on the four-hour chart. 1.4000, which has printed 2 days in a row, remains the focus, with breaks above 1.4044 and then 1.4080 needed to strengthen the case that the decline was a retracement. Reactions to Wednesday’s Fed and BoC rate decisions are the key event risks.
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