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USDCAD Lifts Off Latest Push Towards Support Ahead of Jobs Report

  • USDCAD has lifted off just over 30pips off an earlier fresh low of 1.3517 with equity futures drifting lower.
  • CAD sits mid-pack of G10 FX ahead of the November labour report due at 0830ET.
  • The technical set-up sees the pair moving southbound and it earlier took a step closer to support at 1.3496 (50% retrace of Jul 14 – Nov 1 bull phase). In the event of a softer than expected jobs report, there is scope to rally with resistance not until 1.3675 (20-day EMA).
  • Potentially biasing against that southbound trend at least today is solid option expiry for the NY cut, at 1.3600 ($1.1bn) and 1.3620 ($0.9bn).

Source: Bloomberg

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