- USD/CAD had a brief dip below 1.2550 yesterday on rumors that OPEC may hold an emergency meeting amid the on-going decline in Oil
- That turned out to be a false rumor and the move was quickly retraced
- USD/CAD is now back above 1.26; immediate resistance is eyed at 1.2620, which is yesterday’s high
- Above that, not much until 1.27
- Further gains are likely and the pair is a buy-on-dip
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