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Further Oil Gains Limit USDCAD Recovery

CANADA
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  • USDCAD has only lifted modestly off yesterday’s WTI-facilitated decline to a low of 1.3544, currently trading at 1.3562 as further gains for WTI limits the climb in the pair.
  • That low marks initial resistance after which lies 1.3490 (Sep 1 low) but recent declines are deemed corrective from a technical perspective with initial resistance seen at 1.3639 (Sep 11 high).
  • US CPI headlines today’s session whilst at the margin we also see national balance sheet and financial flow accounts (along with 2Y supply for those with a FI focus).
  • Option expiry is light for today’s NY cut, with nearest at 1.3550 (253mln) and 1.3540 (250mln).
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  • USDCAD has only lifted modestly off yesterday’s WTI-facilitated decline to a low of 1.3544, currently trading at 1.3562 as further gains for WTI limits the climb in the pair.
  • That low marks initial resistance after which lies 1.3490 (Sep 1 low) but recent declines are deemed corrective from a technical perspective with initial resistance seen at 1.3639 (Sep 11 high).
  • US CPI headlines today’s session whilst at the margin we also see national balance sheet and financial flow accounts (along with 2Y supply for those with a FI focus).
  • Option expiry is light for today’s NY cut, with nearest at 1.3550 (253mln) and 1.3540 (250mln).