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DOLLAR-CANADA: USD/CAD last deals at C$1.3389, unchanged on the day.
- The pair fell 70 pips yesterday on the back of comments from BoC Gov Poloz,
who pointed to tentative greenshoots in household debt trends, as well as
broader USD weakness stemming from month-end flows. The combination of these
factors countered the impact of softer than exp. Canadian GDP, which missed
expectations both on a Y/Y and M/M basis. CAD outperformed all of its G10 peers
save GBP, as a result.
- A fall through the 21-DMA/yesterday's low, located at C$1.3382/81, would turn
bearish attention to the 100-DMA at C$1.3345. Conversely, bulls eye C$1.3403,
where the rate topped out on Apr 5 & Apr 16, ahead of the 200-HMA, which kicks
in at C$1.3431.
- Canadian highlights during the remainder of the week include domestic m'fing
PMI, as well as remarks from BoC's Poloz & Wilkins due later today.