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CAD Outperforms With GoCs Steepening And WTI Reversing Losses

CANADA
  • USDCAD has moved back to 10-15 pips off session lows of 1.3454, having kept to relatively narrow ranges through the session.
  • CAD outperforms most majors on the day, with SEK being the exception after the SBB cash injection from the weekend, aided by WTI reversing earlier losses back to even on the day, the recovery in the S&P e-mini (albeit fading at typing) and GoCs matching the large bear steepening in Treasuries.
  • Support is seen at the post-CPI low of 1.3381 whilst resistance is seen at 1.3519 (20-day EMA), with tomorrow seeing heavy option expiry at 1.3500 ($1.24b).
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