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USDCAD Pulls Back Just Shy Of Bull Trigger

CANADA
  • USDCAD sees a late boost as US equities and oil fall, now up 0.5% at 1.2900 (high 1.2909) as both CAD and AUD are under pressure today.
  • The pair moves closer to resistance at the short-term bull trigger of 1.2914 (May 2 high), clearance of which would open the key bull trigger of 1.2964 (Dec 20, 2021 high).
  • Little driver from rates today, with BAX futures seeing a smaller rally than Eurodollars and the Can-US yield differential at just -1.5bps at both 2Y and 10Y tenors.

Source: Bloomberg

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  • USDCAD sees a late boost as US equities and oil fall, now up 0.5% at 1.2900 (high 1.2909) as both CAD and AUD are under pressure today.
  • The pair moves closer to resistance at the short-term bull trigger of 1.2914 (May 2 high), clearance of which would open the key bull trigger of 1.2964 (Dec 20, 2021 high).
  • Little driver from rates today, with BAX futures seeing a smaller rally than Eurodollars and the Can-US yield differential at just -1.5bps at both 2Y and 10Y tenors.

Source: Bloomberg