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USDCAD Closes In On Closely Knit Support

  • USDCAD is back near session lows of 1.3524 after a 20 pip climb on a dip in the S&P E-mini that has since been reversed.
  • Despite the moves lower, CAD sits nearer the bottom of the non-USD majors on the day with broader USD weakness.
  • The pair has broadly continued a bearish extension following yesterday’s break of the 50-day EMA, although could see further support at 1.3517/1.3515 for the 100-dma/Feb 22 low closely followed by 1.3491 (61.8% retrace of Feb 2-Mar 10 rally).

Source: Bloomberg

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