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Sharp Reversal In USDCAD From Recent Risk-Off Levels

CANADA
  • USDCAD slides further as equities extend gains since the US open and oil rises, -0.9% at 1.2929 as CAD, AUD and NOK all see very similar moves.
  • The pair is still seen to have a bullish outlook from technicals, contrary to the recent switch to more supportive yield differentials (for CAD), but it approaches support eyed at 1.2914 (May 2 high), clearance of which would open 1.2814 (May 6 low), whilst resistance remains at yesterday’s high of 1.3077.



Source: Bloomberg

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