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CAD/CNH hovers above support from the 50-DMA/23.6% retracement of the Nov 18 - May 18 rally at CNH5.2655/46, after rejecting it yesterday. A clean break here would shift focus to CNH5.2564-48, which cushioned losses on May 4, 27 & 28. Conversely, bulls look for a bounce above Jun 1 high of CNH5.3142, before taking aim at May 28 high of CNH5.3495, the recent cycle peak. The rate last sits -25 pips at CNH5.2774.
Fig. 1: CAD/CNH
Source: MNI - Market News/Bloomberg