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CAD Second To USD On The Day

CANADA
  • USDCAD holds its limited intraday climb to ~1.32 and the middle of the week’s range, with CAD supported despite the S&P e-mini more clearly off earlier highs.
  • Further strong gains for crude and USD strength following first US data and then a dovish ECB sees CAD second only to USD on the day across the G10 FX pack.
  • Canadian data might have helped (see the earlier bullet on the SEPH report), with GoCs tracking Tsys at the front end and actually underperforming in the belly to long-end with yields +8.5bps vs +7bps, ahead of tomorrow’s monthly GDP release.

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