USD/CAD Hits Multi-Year High, Eyes 1.4200 Mark
The USD/CAD currency pair reached a fresh high since April 2020 during the Asian trading session on Tuesday. Although it failed to follow through with robust buying momentum, the market holds a favorable outlook for bullish traders. The focus remains on the potential for the pair to touch the significant 1.4200 round figure. Market sentiment leans towards further appreciation of the US Dollar amid bets on a larger interest rate cut by the Bank of Canada (BoC). Traders should keep a close watch on economic developments to gauge how this trend may unfold in coming sessions. Will USD/CAD maintain its bullish stance?
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