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USDCAD Little Moved By Surprise Trade Surplus

CANADA
  • Canadian trade data sees a decent beat in January (surplus C$1.9B vs BBG cons -0.12B) after an upward revised surplus (C$1.2B from -0.16B initially).
  • Nevertheless USDCAD sees little impact after increasing 20 pips post-ADP, holding just shy of 1.377 in a tight range broadly of 1.375-1.377 ahead of the upcoming BoC decision after yesterday's surge higher post-Powell.

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