Today was a fairly quiet day in the markets despite gold hitting a new record price with few economic releases to excite investors. The US dollar recovered after a bad start to the day to rise against most currencies including the Canadian dollar. The Loonie has benefited recently from high commodity prices and crude oil in particular. Sentiment could soon change if risk aversion picks up and traders look to cash in some of their speculative positions. However, I am not going long on the USD/CAD pairing just yet as the US dollar could fall further and the dynamics for a change in sentiment are not quite there yet.
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