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CAD Underperforming Ahead Of Payrolls

CANADA
  • USDCAD pushes higher again with the pair trading circa 1.336 (+0.3%) as both CAD and AUD are bottom of the G10 FX pack ahead of US payrolls.
  • E-mini S&P weakness on the day, potentially pressured by yesterday’s after-the-bell earnings, weighs on the risk sensitive currencies broadly on the day but is an unlikely driver for the most recent move higher in USDCAD.
  • Technical levels see room in either direction: earlier highs of 1.3374 were still some way off resistance at 1.3472 (Jan 31 high) whilst support is seen at 1.3262 (Feb 2 low).

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