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USD/CAD has shed a handful of pips....>

DOLLAR-CANADA
DOLLAR-CANADA: USD/CAD has shed a handful of pips and last sits at C$1.3148
after dropping 13 pips yesterday, as rallying WTI prices lent support to CAD.
Oil was already quite buoyant on the back of Saudi pointing to a continued
adherence to deeper than pledged crude production cuts, when the U.S. DoE
reported that the U.S. crude inventories shrunk by the largest margin since July
2018. The report pushed WTI above $57/barrel.
- Canadian Jan CPI was released yesterday, with headline unadjusted CPI
moderated to 1.4% Y/Y (from 2.0% in Dec), while the 3 three core measures held
steady on a Y/Y basis. For our 5 Things piece see MNI Main Wire at 13:51 GMT
02/27.
- Initial downside attention is drawn to C$1.3120, which represents the 61.8%
retracement of the move from C$1.2783 to C$1.3665, while a break below would
open up C$1.3113, where the rate bottomed on Monday. Conversely, bulls look to
the 200-DMA at C$1.3163, ahead of the 100-HMA at C$1.3171.
- Canadian focus turns to domestic c/a balance due later today & Dec/Q4 GDP due
Friday.

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