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Commodity-tied FX improved overnight amid.....>

FOREX
FOREX: Commodity-tied FX improved overnight amid the backdrop of a weaker
dollar.
- USDCAD extends the downtrend to fresh ytd lows of C$1.3025 with strong support
reported on approach to the C$1.30 psychological level. A downside break is
likely to accelerate the move toward the 100-wma at C$1.2990, ahead of the 2%
lower Bollinger band at C$1.2943.
- AUDUSD sits top of G10 with gains extending through $0.70 on reported real
money demand. The 100-dma & cloud top provide near-term resistance at
$0.7023/36, with a break of the Jul4 high at $0.7048 needed to change the
outlook.
- NZDUSD improves to $0.6685 to rest on resistance from the 100-dma. Bulls need
a weekly close above here to improve the outlook and return the focus to the
200-dma & Jun 28 high at $0.6715/30.   

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