USD/CAD is continuing its upward march though the momentum has been weakening. BOC governor Poloz spoke yesterday, highlighting challenges that the economy faces: continuing shortfall in exports, slack in the economy and labour market, and uncertainty around the U.S. and protectionism.

The pair recorded ten consecutive up days and 14 out of 16 since April 13th. It is approaching the top of the 2016 - 2017 trading channel which coincides with 61.8% retracement of the 2016 downswing. The first stronger support is seen near 1.36 (2016 highs).

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