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USDCAD Dips Towards Yesterday Low As Oil Spikes

CANADA
BulletMarketsForeign Exchange
  • USDCAD falls to a new session low of 1.2834 (-0.35%) as oil spikes on the small agreed increase in OPEC+ production for September, before retracing slightly to 1.2842.
  • CAD sits firmly mid-pack of majors, on a par with AUD but lagging NOK and SEK.
  • It helps see a return of the recent bearish theme for USDCAD but just about remains within yesterday’s range and doesn’t trouble technicals – notable support is still eyed at 1.2767/2763 (Aug 1/Jun 13 lows) whilst initial resistance is the intraday high of 1.2892 on fleeting risk-off overnight.
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  • USDCAD falls to a new session low of 1.2834 (-0.35%) as oil spikes on the small agreed increase in OPEC+ production for September, before retracing slightly to 1.2842.
  • CAD sits firmly mid-pack of majors, on a par with AUD but lagging NOK and SEK.
  • It helps see a return of the recent bearish theme for USDCAD but just about remains within yesterday’s range and doesn’t trouble technicals – notable support is still eyed at 1.2767/2763 (Aug 1/Jun 13 lows) whilst initial resistance is the intraday high of 1.2892 on fleeting risk-off overnight.