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CAD Sees Little Boost From Oil Bounce

CANADA
  • USDCAD sees little impact from WTI pushing higher through the session to unwind a large part of Friday’s slide. Gains are on the back of continued Red Sea attacks and Libyan loading disruption, offset in part by the paring of earlier gains for equity futures.
  • CAD continues to underperform most majors, barring AUD and NZD which remain under sharper pressure as they pull back after last week’s gains.
  • USDCAD at 1.352 is within 10 pips of earlier highs, but it hasn’t seen any attempt at moving closer to exposed resistance of the bull trigger at 1.3586 (Feb 13 high). Some option expiry at lower strikes for today’s NY cut helped present a downward bias but holds less sway tomorrow.
  • Today’s lower tier USD and CAD data were mixed, whilst a heavier US docket should headline tomorrow including US durable goods orders.

Source: Bloomberg

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