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USDCAD Flitters Through ISM Beat, Fedspeak

CANADA
  • A whippy session for USDCAD, but one that’s only marginally outside of yesterday’s range in both directions, sees it currently -0.2% at 1.2853.
  • Can-US yield differentials have at the margin provided some downward pressure on the pair by increasing circa 5bps since open, but in trend terms remain at the low of a one-month range.
  • The latest dip in the pair likely came with a softer USD more broadly rather than comments by Germany’s Baerbock on the ‘huge potential’ for energy ties, preserving relative performance to other majors as of early this morning (i.e. CAD on a par with AUD but lagging NOK and SEK).
  • There has ultimately been little change from a technical perspective, keeping the bearish focus with notable support eyed at 1.2767/2763 (Aug 1/Jun 13 lows) whilst to the upside, resistance at today’s overnight high of 1.2892 and then 1.2947 (Jul 25 high).
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