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USDCAD Lifts Away From Support Ahead Of Heavy Data Docket

CANADA
  • USDCAD has lifted to a day’s high of 1.3437, with commodity-tied FX underperforming as WTI gives back yesterday’s gains, just remaining within yesterday’s 1.3446.
  • Yesterday’s low of 1.3396 marked a step closer to 1.3382 (Jan 15 low), whilst a previously bullish theme sees next resistance at the bull trigger of 1.3542 (Jan 17 high).
  • Option expiry for today’s NY cut ($1.09bn at 1.3400) offers some modest downside from current pricing.
  • It will though have followed a heavy session with US ADP at 0815ET before the triple release of CAD GDP, US Tsy Refunding and the quarterly ECI at 0830ET, all with the FOMC decision in mind.

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