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‌‌(Z2)‌‌ Resumes Its Uptrend

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Massive block trade

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CAD Continues To Underperform Peers

CANADA
  • USDCAD has ticked to new session lows of 1.3326 (-0.2%) before pulling back a touch whilst CAD continues to underperform the majority of its peers after yesterday’s lacklustre gains vs the USD.
  • There was little to hang on from Macklem’s appearance late yesterday and subsequent data haven’t helped CAD at the margin (weaker CFIB survey and softer fixed weight wage growth).
  • USDCAD has pulled back since Monday’s break of the 50-day EMA, now seen at 1.3446, and comes closer to support at 1.3301 (Nov 18 low) after which sits the bear trigger at 1.3226 (Nov 15 low).
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  • USDCAD has ticked to new session lows of 1.3326 (-0.2%) before pulling back a touch whilst CAD continues to underperform the majority of its peers after yesterday’s lacklustre gains vs the USD.
  • There was little to hang on from Macklem’s appearance late yesterday and subsequent data haven’t helped CAD at the margin (weaker CFIB survey and softer fixed weight wage growth).
  • USDCAD has pulled back since Monday’s break of the 50-day EMA, now seen at 1.3446, and comes closer to support at 1.3301 (Nov 18 low) after which sits the bear trigger at 1.3226 (Nov 15 low).