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USDCAD Plateaus After Testing Resistance

CANADA
  • USDCAD has only nudged higher today, +0.1% at 1.3044 after surging 1.3% higher yesterday on USD strength.
  • It fleetingly cleared a bull trigger at 1.3079 (May 17 high) yesterday, a clear break of which would strength bullish conditions and open 1.3113 (Nov 23, 2020 high).
  • USD strength has outweighed supportive Can-US yield differentials, potentially trimming the build in net longs seen in latest CFTC data as of Jun 28.
  • The solid US docket sees plenty of potential drivers ahead, headlined by ISM services and the FOMC minutes but also with Fedspeak, JOLTS and the final PMI, with growth implications/interpretations very much in focus.

Source: Bloomberg

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