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Firmer Equities Paving Way For Lower USDCAD

CANADA
  • USDCAD tests the round 1.35 (latest 1.3499) against a backdrop of continued equity gains (S&P and Nasdaq +1%).
  • It has moved through yesterday’s low of 1.3523 with perhaps firmer support seen at 1.3484 (Dec 27 low) before a key 1.3385 (Dec 5 low).
  • Improved risk sentiment remains the major driver, with front yield differentials little changed from the open and long end differentials drifting wider along with a continued slide in oil prices (WTI -4.5%).

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