- USD/CAD is posting fresh multi-year highs this morning
- The pair has reached a high of 1.3175 earlier and remains very well-bid
- Oil has been under renewed pressure after an announcement from Iran that they will immediately rise their oil output days after the sanctions have been lifted
- Oil prices have been declining weeks ahead of the Iran meeting, but it seems that the market did not have it fully priced in
- If we look at the long-term chart, there is no significant tech resistance until 1.40
- It seems like a long way until there, but a good NFP print and Oil dropping back to $40 or even lower could push USD/CAD there within a short time
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