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USDCAD In Search Of Triggers

CANADA
BulletMarketsForeign Exchange
  • USDCAD sits -0.57% at 1.2816, back within the range from much of the past two days and benefiting from new recent highs for Can-US 2Y yield differentials (+13bps).
  • The pair doesn’t trouble technical levels (support at 50-day EMA of 1.2756, resistance May 16 high of 1.2982) and there aren’t any sizeable option expiries nearby.
  • That could leave room for triggers from upcoming data including US Philly Fed & existing home sales plus Canadian cost inflation for April, although risk sentiment-impacting likely dominate.

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  • USDCAD sits -0.57% at 1.2816, back within the range from much of the past two days and benefiting from new recent highs for Can-US 2Y yield differentials (+13bps).
  • The pair doesn’t trouble technical levels (support at 50-day EMA of 1.2756, resistance May 16 high of 1.2982) and there aren’t any sizeable option expiries nearby.
  • That could leave room for triggers from upcoming data including US Philly Fed & existing home sales plus Canadian cost inflation for April, although risk sentiment-impacting likely dominate.