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Consolidating Above Support


Corrective Cycle


Consolidating But Remains Bullish

DOLLAR-CANADA: USD/CAD has climbed 10 pips in early Asia-Pac trade and last
trades at C$1.3427.
- The rate fell almost 40 pips Friday, as the release of a particularly
disappointing headline NFP from the U.S. coincided with Canadian labour mkt
report, which indicated that 55.9k jobs were added in Feb, amid exp. of an
increase by just 1.2k. This allowed USD/CAD to touch intraday lows of C$1.3391,
before paring some of the losses.
- The initial bullish target is provided by the upper 1.0% 10-DMA envelope at
C$1.3452 and a break above would open up the Mar 7 high of C$1.3468. Conversely,
bears need a fall below the 100-HMA at C$1.3406 before challenging the C$1.3400
- This week in Canada is relatively data-light, with m'fing sales coming out on
Friday. Elsewhere, BoC Dep Gov Wilkins will speak on Thursday, while focus will
also continue to fall on the Canadian domestic political situation.