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USDCAD Lifts With US Open But CAD Supported By Broader Risk On

CANADA
  • USDCAD has bounced ~20 pips off a session low of 1.3443 with the US open.
  • It still sees net downward pressure from the S&P E-mini still near session highs, WTI having cleared yesterday’s high and GoCs underperforming further with the 2Y Can-US spread at just -9bps for the tightest since Sep’22.
  • The pair is off yesterday’s post-CAD CPI low of 1.3404 with further support at 1.3363 (May 11 low), whilst there is sizeable option expiry for today’s NY cut with 1.3450 ($1.43b) and 1.3400 ($1.19b).

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