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A mix of factors fuelled..............>

DOLLAR-CANADA
DOLLAR-CANADA: A mix of factors fuelled yesterday's rally in USD/CAD, allowing
the rate to break above Jun 22 high of C$1.3630. Steady USD purchases took some
weight from the pair, while CAD took a hit as Fitch downgraded Canada's credit
rating to AA+ from AAA, due to the impact of the coronavirus pandemic on
Canada's public finances. In addition, the loonie was dented by a drop in WTI
prices, driven by a bigger than expected jump in U.S. stockpiles, and broader
risk-off mood.
- USD/CAD has ticked above yesterday's highs and last sits +5 pips at C$1.3643.
A break above Jun 15 peak, located at C$1.3686, would expose the 100-DMA at
C$1.3791. Bears look for a drop through Jun 23 low/200-DMA at C$1.3486/85, which
would shift focus to Jun 11 low of C$1.3398.
- There is little of note left on Canada's economic calendar this week.

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