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USDCAD Back To Pre-PCE Levels

CANADA
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  • USDCAD has drifted back below 1.3660 from its earlier high of 1.3696, with the latest move back to pre-PCE levels coming with a broader step lower for the USD.
  • The technical trend direction just about remains higher with declines deemed corrective, but the pair is increasingly testing this having declined ~100 pips over the week.
  • Support is seen at the 1.3636 touched fractionally after the PCE release (after 1.3637 overnight) before a more notable 1.3604 (50-day EMA), whilst resistance is seen at 1.3763 (Apr 22 high).
  • As noted above, yield differentials have slipped a little today but still hold a solid move away from historical lows, whilst BoC pricing has shifted to closer to a 50/50 chance of a June cut.

Moving closer to the 50-day EMA (note that support level given in text is for last close)Source: Bloomberg

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  • USDCAD has drifted back below 1.3660 from its earlier high of 1.3696, with the latest move back to pre-PCE levels coming with a broader step lower for the USD.
  • The technical trend direction just about remains higher with declines deemed corrective, but the pair is increasingly testing this having declined ~100 pips over the week.
  • Support is seen at the 1.3636 touched fractionally after the PCE release (after 1.3637 overnight) before a more notable 1.3604 (50-day EMA), whilst resistance is seen at 1.3763 (Apr 22 high).
  • As noted above, yield differentials have slipped a little today but still hold a solid move away from historical lows, whilst BoC pricing has shifted to closer to a 50/50 chance of a June cut.

Moving closer to the 50-day EMA (note that support level given in text is for last close)Source: Bloomberg