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CAD Lagging Peers Post CPI

CANADA
  • Equities heading south and oil dragging pushed USDCAD to a session high of 1.3318, even if not the case for BBDXY.
  • CAD underperforms peers after CPI, which although in line with overall expectations did see a softer pace of seasonally adjusted monthly core inflation at 0.2% M/M.
  • It has since pulled back to 1.330 (+0.15%) but the broad rise goes against a technical trend seen lower, with resistance at 1.3361 (Nov 11 high) and support at 1.3226 (Nov 15 low).

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