Without Yield Support, The Dollar Wilts

A little position squaring yesterday lifted the US dollar to almost CAD1.2120, but it has come back offered today and traded CAD1.2085 in the European morning.  This week's low so far is about CAD1.2055.  Key technical support is seen at CAD1.20, while CAD1.2145 marks the upper end of the recent range.  The Mexican peso is rising for the fourth consecutive session, the longest rally in two months.  The greenback finished last week near MXN19.96 and is testing MXN19.62 now, its lowest level in five months.  The next area of chart support is seen near MXN19.50.  The US dollar is also on its 2021 lows against the Brazilian real.  It has not been below BRL5.0 since last June.

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Read more by Marc on his site Marc to Market.

Disclaimer: Opinions expressed are solely of the author’s, based on current ...

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