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USDCAD Clears 1.38 Handle To Open October Levels

CANADA
  • USDCAD pops to a high of 1.3812 with clearance of the 1.38 handle (also 61.8% retrace of Oct-Nov bear leg) to open 1.3855 (Oct 21 high). ,
  • CAD sits bottom of the G10 FX rankings today after the BoC met expectations of holding at 4.5% but didn’t give a nod to the higher rates expectations in the US, building on yesterday’s clearance of the bull trigger at 1.3705.
  • The broader underperformance trend remains clear in real effective terms, tracking at its lowest since Oct 2020.

USDCADSource: Bloomberg

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