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USDCAD Approaches Key Support Preventing Mid-1.32s

CANADA
  • USDCAD again pushes lower in the aftermath of US CPI, briefly hitting new lows of 1.3306 as it tests support in the low 1.33s having bottomed out at 1.3315 yesterday and 1.3313 on Friday.
  • This interim support helps preserve what’s seen as a key near-term level at 1.3302 (Apr 14 low), clearance of which could see attention on 1.3262 (Feb 2 low).
  • Front end GoC yields see modest underperformance which helps narrow the Can-US spread 2bps to -11bps but the broader driver appears a continued rebound of WTI and firmer equities even off highs.

Source: Bloomberg

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