Peach tree damage - any ideas?

Any ideas what would cause the sap? I assume it is to high on the tree for peach tree borers.

It looks like canker got into the joint there. This is not uncommon on peaches and I generally ignore it. Peaches put up with some canker unlike cherries. It could also be a lesser peachtree borer which feed higher up, but that ooze looks more like canker to me.