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USDCAD Dips With Equity Bounce

CANADA
  • USDCAD hits new session lows with the bounce in equities, largely ignoring less supportive trade data earlier.
  • The pair sits -0.15% at 1.256 as it hovers around the 1.2562 (76.4% retrace of the Apr5-May12 rally) that it’s struggled to see a clear break of having only briefly touched 1.2535 yesterday.
  • Trade data showed a goods & service trade surplus narrowing to just $0.2B in April from a downward revised $1.5B in Mar and a recent high of $2.4B in Jan. Goods had been a key driver behind the current account surplus of $5B or 0.8% GDP Q1, although some of the dip in April was attributable to planned maintenance shutdowns in Alberta oil sands.
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