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USDCAD has failed to challenge Asia...>

DOLLAR-CANADA
DOLLAR-CANADA: USDCAD has failed to challenge Asia lows and holds toward the
upper end of its narrow C$1.2903-35 range. Focus turns to Canadian GDP and
payroll employment data at 1230GMT. GDP q/q annualised for Q1 was 1.3% but is
expected to be much stronger for Q2, with the MNI median at 3%. The payroll
employment data is for the month of June and had a y/y average weekly earnings
figure of 2.9% for May. Markets will pay close attention to the release with RBC
noting it is one of the most anticipated quarterly GDP prints in some time,
serving as an important component into the BoC's rate decision on Sep 5. They
forecast a 3.0% annualized GDP gain in Q2, with a 2.0pp add from net exports -
after three consecutive detractions - a main driver.

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