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CAD Outperforms All Bar NOK As Oil Surge Continues

CANADA
  • USDCAD pushes to the low end of the day's relatively narrow range, currently 1.3507 off the earlier high of 1.3538.
  • The largely flat session belies decent CAD outperformance on crosses as it keeps up with the strong USD (gaining 0.4% to NZD & SEK, 0.6% to AUD). However, whilst it clearly benefits from a continued surge in crude oil futures (WTI $93.6, +3.6%) it still notably lags NOK.
  • After yesterday’s clearance of the 20-day EMA, next resistance is at 1.3593 (Sep 12 high)/a key 1.3595 (Sep 7 high). Short-term gains are deemed corrective though, with support at 1.3424 (Sep 22 low).
  • Today’s data have seen a beat for US durable goods trimmed by negative revisions, along with strong CAD population growth at its highest since 1957 albeit also trimmed by negative revisions.
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