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CAD Pivots To Top Of G10 FX Pack Buoyed By Data, Equities

CANADA
  • GoCs have steadily opened up some solid underperformance to Treasuries on the day, helped by strong wholesale trade data with 2YY +2.6bp vs -2.1bps for Tsys.
  • The move, combined with equities lifting since the US open and oil futures off earlier lows, has seen USDCAD hit session lows of 1.3173 and CAD pivot to top G10 FX performer on the day. It does however only unwind about half of Friday’s surge higher for the pair on the combination of the U.Mich beat and slide in oil.
  • That push higher was seen as a corrective bounce, with still some way to support at 1.3084 (1.618 proj of Apr 28–May 8–May 26 price swing).

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