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USDCAD In Need Of Further Upward Momentum To Test Resistance

CANADA
  • USDCAD sits close to session highs as e-mini S&P continues to reverse initial post-open strength in volatile trading.
  • USDCAD currently sits 1.3351 (1.3358 high) for +0.3% on the day with CAD at the mid to low-end of majors, perhaps hindered at the margin by earlier softer labour force survey revisions.
  • The push higher leaves the pair nearing levels prior to Thursday’s US data when GDP came in stronger than expected but with soft details and core durable goods orders confirmed expectations of a stalling in Q4.
  • Further momentum is required to test next resistance at the 20-day EMA of 1.3434 whilst to the downside sits the overnight low of 1.3300.

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