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CAD: USD/CAD on Longest Winning Streak Since Aug'23

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USD/CAD probes a new daily high with ~30 mins to go until the jobs print, with the latest show above 1.3775 confirming an extension of the bull run off late September's 1.3420. This extends the streak of higher highs to 7 consecutive sessions, the longest winning streak since last year's August rally (which reached 10 trading days) and a close at current or higher levels would tip the 14-day RSI into overbought territory for the first time since late July.

  • Meanwhile, markets maintain a solid net short CAD position (~31% of open interest as of last Tuesday), the second largest in G10 after CHF - so an unexpectedly solid jobs print today could compound any RSI-inspired profit-taking and re-shift focus to nearby support. 1.3420, the Oct 2 & Sep 25 low remains the bear trigger.
  • EUR/CAD's recent spell of coincident strength has kept the price above the uptrendline support drawn off the 2022 low, meaning a soft CAD jobs print today would keep focus on clustered resistance layered between 1.5151-63.
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USD/CAD probes a new daily high with ~30 mins to go until the jobs print, with the latest show above 1.3775 confirming an extension of the bull run off late September's 1.3420. This extends the streak of higher highs to 7 consecutive sessions, the longest winning streak since last year's August rally (which reached 10 trading days) and a close at current or higher levels would tip the 14-day RSI into overbought territory for the first time since late July.

  • Meanwhile, markets maintain a solid net short CAD position (~31% of open interest as of last Tuesday), the second largest in G10 after CHF - so an unexpectedly solid jobs print today could compound any RSI-inspired profit-taking and re-shift focus to nearby support. 1.3420, the Oct 2 & Sep 25 low remains the bear trigger.
  • EUR/CAD's recent spell of coincident strength has kept the price above the uptrendline support drawn off the 2022 low, meaning a soft CAD jobs print today would keep focus on clustered resistance layered between 1.5151-63.