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(Q2) Resistance Remains Intact


Services PMIs the early focus


Bearish Threat Remains Present


(U2) Resistance Is At $116.24


JPM on TRY and Inflation

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  • USDCAD has touched new session highs of 1.2532, currently +0.2% at 1.2528, after what’s been a largely one way move over the past 45mins.
  • It’s likely a combination of USD strength and oil rolling over on a day that Canadian STIRs have struggled to keep up with the US post-payrolls.
  • CAD lags AUD and NOK today although that could be simply after outperformance yesterday following solid monthly GDP.
  • The pair has seen its rate of decline slow this week, when it’s actually climbed 0.4%, yet it’s still down 2.5% since mid-March. Initial resistance is at 1.2593 (Mar 28 high) whilst support is seen at 1.2430 (Mar 30 low).

Source: Bloomberg

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