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CAD Drifting To Further Underperformance

CANADA
  • USDCAD holds towards the middle of the day’s narrow 45 pip range, despite a fading in the DXY as the loonie slowly underperforms through the session.
  • At 1.3544, the pair sits just +0.05% on the day but at the European open earlier came close to resistance seen at 1.3573 (1.0% of 10-dma envelope) closely followed by 1.3582 (50% retrace of Mar 10 – Apr 14 bear leg).
  • Latest CFTC futures positioning showed a trimming in CAD net shorts for data to Apr 18 but to a still significant -31% OI vs -26.5% AUD and -12% NZD.
  • Little on the local docket ahead - next up the BoC minutes Wed.

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