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CAD Bottom Of The Pack As Equity Slide Continues

CANADA
  • USDCAD has seen a consistent trend higher today, currently just a few pips off highs of 1.3528 to push above resistance at 1.3513 (20-day EMA).
  • It next opens two close levels with 1.3593 (Sep 12 high) and a key 1.3595 (Sep 7 high).
  • The S&P e-mini pressing ever lower today (-1.6%) has more than offset than the reversal of earlier declines to WTI and a narrowing in the heavy WCS discount to WTI on TMPL approval.
  • It sees CAD underperform across G10 FX after yesterday’s outperformance, although is unusual against a backdrop of broader USD strength on the renewed push higher in real yields (especially with GoCs only marginally outperforming Tsys).

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