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Solid Intraday USDCAD Swing With Only Limited Rolling Over Of Equities

CANADA
  • USDCAD has touched a session high of 1.3737 (latest 1.3730) as it continues a push higher despite only a relatively small rolling over in the S&P E-mini that trims the day’s gains to 0.6%, with instead an 8bp widening in the negative Can-US 2Y yield differential since CAD CPI likely carrying some of the move.
  • It’s a solid 90pip intraday increase for the pair over the past 90 mins having briefly touched 1.3644 for lows since Mar 7 before Powell opened the door to a 50bp hike.
  • It moves closer to yesterday’s high of 1.3747 but resistance remains at 1.3814 (Mar 15 high).
  • The 0.5% move weaker for CAD vs the USD sees it continue to outperform the 1% for the AUD after minutes opened the prospect of a pause.


Source: Bloomberg

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