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NZD/CAD Meets Resistance, With Manufacturing PMI In View

CAD
  • NZD outperformance boosting NZD/CAD across Wednesday trade, with the cross meeting the 50-dma which has - so far - contained prices at 0.8531. Prices have also topped 0.8521, the 38.2% retracement of the Dec - Feb downleg.
  • Canada's February Manufacturing PMI is the next flashpoint for activity, which is seen continuing to outperform the US counterpart (Nov Canada: 49.6, US: 47.7, Dec Canada: 49.2, US: 46.2, Jan Canada: 51.0, US: 46.9).
  • Canadian bank earnings so far today have topped expectations, with RBC reporting strong growth across NII and global markets revenues, while National Bank of Canada were ahead of expectations on EPS.

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