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Remains Firm Post-Data

CAD

CAD continues to trade well, with USD/CAD already through last week's lows early Monday as better-than-expected housing starts (+282.4k vs. Exp. +228.3k) and manufacturing sales numbers (+0.9% vs. Exp. +0.6%, previous revised higher) help underpin.

  • Crude prices remain the key driver with WTI and Brent crude futures higher by close to 2% apiece. WTI in particular is benefiting, with oil demand surging in the southern states, resulting in a wave of blackouts across Texas as temperatures plunge.
  • MNI Tech flags next key support levels at 1.2635 and 1.2590, marking the Jan 22 and 21 low respectively.

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