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USDCAD Awaits Powell

CANADA
  • USDCAD is -0.15% at 1.2827 having unwound the small move higher on US retail sales. CAD continues to lag nearly all other majors as USDCAD largely consolidates an almost 2% decline in the pair over two days during which CAD outperformed most other majors.
  • Still not close to support at 1.2749 (50-day EMA) or resistance at 1.2982 (May 16 high) after little reaction to earlier Fedspeak but Powell in just over 20mins.
  • Should Powell largely repeat comments from last week's Marketplace commentary, attention will quickly turn to tomorrow's CPI release for April.

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