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USDCAD Fades E-Mini S&P Near Session Lows

CANADA
  • USDCAD is largely fading today’s further move lower in e-mini S&P, sitting almost unchanged on the day towards the middle of a 70 pip range at 1.349.
  • In a reversal of CAD’s marked underperformance yesterday, CAD trades mid to high end of majors and outperforms other risk sensitive peers, notably so against antipodeans.
  • With a session high of 1.3521 piercing the 50-day EMA of 1.3502 before retreating, a clearer breach is needed to signal a potential pusher nearer 1.3665 (Jan 6 high).
  • The latter is close to where the pair traded in the lead up to the Dec BoC, i.e. for now it’s still just about providing a disinflationary impulse at current levels ahead of next week’s decision and MPR.

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