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USDCAD Opens Early Jan Levels Amidst USD Strength

  • CAD outperforms other risk sensitive peers with the latest USD step higher but USDCAD has still increased +0.5% to ~1.353 (session high 1.3537).
  • The pair touches highs since Jan 06 when it slid on the double hit from AHE/ISM services missing, with that high of 1.3665 forming next resistance. Near-term, there could be some interest around 1.3500 with $650M of option expiry at today’s NY cut.
  • Second tier data in both US and Canada at 0830ET, including US import prices plus CAD input & house prices.

Source: Bloomberg

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