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USDCAD Gains Trimmed On Potential Xi-Biden Visit

CANADA
  • USDCAD gains are trimmed to +0.15% at 1.2784 as it’s helped further off a session high of 1.2803 on potential for a Xi-Biden meeting in Asia in November taking the edge off broad dollar strength.
  • Initial support is eyed at the 200-dma of 1.2744 probed earlier today after which sits yesterday’s new multi-month low of 1.2728.
  • With recent weakness an extension of the current bear leg for the pair, resistance remains some way off at 1.2863 (20-day EMA) with a breach of 1.2985 (Aug 5 low) required to reinstate a bullish theme after the recent slide.
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  • USDCAD gains are trimmed to +0.15% at 1.2784 as it’s helped further off a session high of 1.2803 on potential for a Xi-Biden meeting in Asia in November taking the edge off broad dollar strength.
  • Initial support is eyed at the 200-dma of 1.2744 probed earlier today after which sits yesterday’s new multi-month low of 1.2728.
  • With recent weakness an extension of the current bear leg for the pair, resistance remains some way off at 1.2863 (20-day EMA) with a breach of 1.2985 (Aug 5 low) required to reinstate a bullish theme after the recent slide.