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USDCAD Dips Ahead Of CAD CPI

CANADA
  • USDCAD has pushed lower ahead of CAD CPI and US retail sales, dipping 10 pips to 1.345 with help coming from WTI paring earlier losses.
  • The pair came close to earlier lows of 1.3448 that form initial support after which lies 1.3363 (May 11 low) from before US initial claims sparked a risk-off move, whilst resistance is seen at 1.3568 (May 15 high).
  • Average trim and median CPI is seen falling 0.3pps to 4.2% Y/Y helped by base effects, with latest momentum watched after the recent stalling around 3.5% annualized.

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