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- CAD is the strongest currency in G10 ahead of Wednesday's NY open, with USD/CAD keeping key support at 1.2062 under pressure. A break through here would be a sizeable break of support for the pair, leaving USD/CAD at the lowest levels since 2015. Better WTI and Brent crude markets are supporting the price here, with a firm crude futures curve underpinning CAD strength.
- At the other end of the table, AUD and NZD trade poorly, with continued weakness in US index futures draining risk sentiment. Immediate support for NZD/USD undercuts at $0.7205, with long covering in AUD/USD also adding pressure.
- Plenty of focus will be paid to today's US CPI release, with markets expecting Y/Y CPI to tick higher to 3.6%, the highest since 2011. Inflationary concerns have been the primary driver of markets this week, so the market response to today's release could be outsized.