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USDCAD Ends Week Almost Flat With Key Week Ahead

CANADA
  • USDCAD is sitting +0.2% at 1.2901 after a volatile session that has ultimately been marked by a sizeable increase in recession fears shaping fixed income markets more heavily than FX, but with CAD significantly outperforming other high beta majors on Canada Day.
  • Locals coming back to their desks on Monday with the US out will find US front end yields some 12bps lower.
  • The pair is almost unchanged over the week, but having touched an intraday high of 1.2966 has helped extend a recent bullish price structure with next resistance eyed at 1.3017 (Jun 23 high).
  • Two key releases next week will likely significantly shape BoC expectations ahead of the Jul 13 meeting: the BoC’s BOS and CSCE surveys including inflation expectations on Mon before the labour report for June on Fri.
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