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CAD Underperforms Most Majors Ahead Of CPI

  • USDCAD trades at 1.3635 (+0.2%), lifting off yesterday’s low of 1.3607 but only to the middle of yesterday’s range.
  • Modest underperformance of GoCs to Tsys through 2-10s isn't enough to compensate for equity futures drifting lower.
  • CAD underperforms most of G10 FX on the day except for NZD (softer than expected CPI) and less so GBP and NOK.
  • The technical backdrop paints a bullish outlook for the pair, with resistance seen at 1.3786 (Oct 5 high) whilst support is seen at 1.3569 (Oct 10 low) from the lead up to last week’s US CPI print.
  • CAD CPI lands in 15mins.

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