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USDCAD Holding Shy Of Early Highs Ahead Of FOMC Minutes

CANADA
  • USDCAD at 1.3275 has pushed back nearer highs from early in the session after what was a strong start following two days of holiday disruption.
  • The initial move cleared the 20-day EMA, a resistance level that had proved reasonably stubborn before poking four pips above 1.3289 (Jun 29 high).
  • A more concerted push could open 1.3355 (Jun 15 high) although another solid gain for WTI on the day appears to have limited increases for the pair for now. CAD still underperforms most majors on the day but is now up against SEK and AUD.
  • FOMC minutes clearly still to come before tomorrow’s labor-focused US docket. It’s followed by a NY cut with reasonable expiry either side of current trading, with $752m at 1.3200 and $651m at 1.3350.
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