The last couple weeks I had (wrongly) tried to play the long side of the USDCAD until the BOC started to taper bond purchases which has allowed the CAD to push the USDCAD to new trend line. Combine the central banks action with a strong stock market and "risk taking" euphoria of the capital markets, this could send the pair below the 1.2200 level near term. Channel support and the 161% extension at 1.2186 seems like a viable near term target while below the 1.2366 level.

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