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CAD Outperforms Peers Amidst Latest USD Push Higher

CANADA
  • USDCAD has stepped higher with the lift in Treasury yields, but as opposed to the BBDXY index, remains below overnight highs with CAD extending what earlier was very mild outperformance to its peers despite both equities and WTI back near the day's lows.
  • An early high of 1.347 kept below resistance at last week’s breach of the 1.35 handle with 1.3502 (Aug 8 high) with short-term conditions remaining bullish.
  • The day’s largest option expiries for the NY cut are to the downside, with the largest being $550m at 1.3350, the cut coming before the BoC Senior Loan Officer Survey at 1030ET in a light docket for both the US and Canada.

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