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USD extend gains on Safe Haven flow

FOREX
  • Story in FX in early trading has been the upside continuation in USD, as investors look for safer haven Bond and USD, after Equities plummeted this week.
  • USDCAD pushed higher to highest levels since December.
  • USDCAD has gained 2.56% from Wednesday low, and next resistance comes at 1.2957 High Dec 21, 2020.
  • The Canadian Dollar is the worst performer versus the USD in G10, down 0.84% on the session.
  • Cable fell to the lowest level since the 21st of July, but 1.3600 has so far held, after the pair printed a 1.3609 low.
  • Main downside target remains at the July low at 1.3572, which is also the lowest print seen since February.
  • Only the Swiss Franc, Japanese Yen and Singapore Dollar are holding onto small gains against the Greenback
  • Looking ahead, we have no tier 1 data of note.
  • Some focus on the Canadian Retail Sales release.
  • Fed's Kaplan speaks at Texas tech college of business, where he will take questions from the audience.
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