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CAD Outperforms Peers But USDCAD Slides Back From Oversold Territory

CANADA
  • USDCAD little swayed by Macklem’s comments. At 1.3374 for +0.27% on the day, CAD has notably outperformed other majors amidst the day’s trend of dollar strength after a strong reaction to US retail sales.
  • It has pulled back from today’s earlier dip into oversold territory although the 14-day RSI at 35 remains depressed (more context on that found here).
  • Having pulled back off a low of 1.3302 for lows since mid-Feb, the pair is back within yesterday’s range whilst resistance is eyed at 1.3407 (Apr 4).
  • Next week sees CAD CPI on Tue with Macklem and Senior DG Rogers speaking Tue/Thu at the House/Senate.

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