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USDCAD Off Recent Lows With Crude Oil Pullback, Kozicki Imminent

CANADA
  • WTI having almost fully reversed gains and the S&P e-mini down -0.5% on the day after declines accelerated with the equity cash open has seen USDCAD lifts off post-CPI lows of 1.3381 to currently ~1.344.
  • That said, the strong details of the CPI report means that CAD is near the top of the G10 FX pack on the day, second only to NOK despite the intraday pull back in crude futures.
  • The earlier decline for USDCAD cleared latest support at 1.3394 (50% retrace of Jul 14 – Sep 7 bull leg) to open 1.3352 (Aug 7 low).
  • Up next comes BoC Dep Gov Kozicki’s prepared remarks in 5mins at 1345ET.

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