EUR/USD saw a significant plunge on Monday as the threat of Moodys now downgrading the EU countries has spooked the markets as well as the S&P threat. The day is closing at the lows of the session, and the 1.31 level has given way albeit only slightly so.
USD/CAD rose up to test the 1.03 level again, and we think this trend could be changing. With the tepid outlook for energy demand, this pair could be going up from here.
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