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USDCAD Bear Trend Intact Ahead Of GDP

CANADA
  • USDCAD has lifted ~15 pips off earlier lows of 1.3417 but the day’s decline, helped by equity futures on balance climbing further and crude retracing some of yesterday’s slide, helps keep bear trend conditions intact.
  • It has already tentatively pushed through support at 1.3424 (Sep 22 low) after which lies 1.3381 (Sep 19 low) seen after stronger than expected CAD CPI.
  • Ahead sees the next key CAD data release in monthly GDP (see the earlier short preview), with still plenty of data to come including another jobs and CPI report before the BoC on Oct 25 (currently 10-11bp of a hike priced).

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