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Stronger Housing Starts Doesn't Stop USDCAD Drift Higher

CANADA
  • Stronger than expected housing starts in September (270.5k vs cons 240k) haven’t stopped a move higher in USDCAD, which has since pushed 10 pips higher to a new session high of 1.3664 but remains well within yesterday’s range which topped out at 1.3703.
  • The technical set-up points to a bullish outlook. Resistance is seen at 1.3786 (Oct 5 high) and support at 1.3569 (Oct 10 low) from levels prior to US CPI. There is though some moderate option expiry at 1.3600 (656mln).
  • 2Y GoC yields have lifted 0.5bp since the data but are simply tracking Tsys, whilst more broadly trade 0.5bp to 1.5bp richer on the day with the long-end outperforming Tsys.
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