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USDCAD Back At Pre-Soft Core CPI Levels, Input Costs Ahead

CANADA
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  • USDCAD keeps to a narrow range, currently just 5-10 pips above overnight lows of 1.3615 which marked a move closer to a key support at 1.3590 (May 16 low).
  • The extension of the decline sees the pair back at levels seen shortly before the CAD CPI report on May 21 showed soft underling trends, whilst a break of that bear trigger could initially open 1.3547 (Apr 9 low).
  • Today sees further inflation data, this time for input costs, whilst the USD leg could see spillover from high Treasury issuance plus second tier data including the Conference Board consumer survey.
  • There is particularly light option expiry for today’s NY cut.

Source: Bloomberg

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  • USDCAD keeps to a narrow range, currently just 5-10 pips above overnight lows of 1.3615 which marked a move closer to a key support at 1.3590 (May 16 low).
  • The extension of the decline sees the pair back at levels seen shortly before the CAD CPI report on May 21 showed soft underling trends, whilst a break of that bear trigger could initially open 1.3547 (Apr 9 low).
  • Today sees further inflation data, this time for input costs, whilst the USD leg could see spillover from high Treasury issuance plus second tier data including the Conference Board consumer survey.
  • There is particularly light option expiry for today’s NY cut.

Source: Bloomberg