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CAD Leans Further Into USD Strength In Holiday Trade

CANADA
  • USDCAD ticks back to little changed on the day at 1.3745 with a bounce off session lows for S&P e-mini, with CAD outperforming other majors.
  • Potentially a continuation of last week’s leaning into USD strength following a hawkish Macklem/surprise fall in u/e rate, but also likely distorted by Thanksgiving and Columbus in the US.
  • The cross remains in an uptrend, with a bull trigger at 1.3838 (Sep 30 high) whilst support is seen at 1.3516 (Oct 4 low).

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