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USDCAD Key Resistance Exposed, ISM Services Hurdle Next

CANADA
  • USDCAD trades at 1.3122, -0.15% from yesterday’s light holiday session but little changed from late Friday levels.
  • Despite a recent corrective pullback, the USDCAD technical bull theme remains intact with near-term attention on resistance at 1.3208 (Sep 1 high) and the key 1.3224 (Jul 14 high) after which it could open late 2020 levels. On the flipside, support is eyed at 1.3063 (Aug 23 high).
  • US ISM services are a near-term potential driver but with an eye still firmly on tomorrow’s BoC. On the crosses, RBC yesterday opted for short AUDCAD targeting 0.8757, expecting a hawkish lean from the BoC whilst seeing limited risk of a bigger-than-expected move from the RBA.

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