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USDCAD Pushes Higher In Rare Move Along With Equities

CANADA
  • USDCAD has seen a break from usual correlation with S&P E-mini over the past 1-2 hours, pushing higher despite ESA continuing to extend session highs.
  • At 1.3622 (-0.1%) it’s back near the middle of the day’s range off a low of 1.3591 that cleared yesterday’s 1.3600 but remained comfortably above support at the 20-day EMA of 1.3520. A more concerted push higher could open resistance at 1.3651 (yesterday’s high and 61.8% retrace of Mar 10-Apr 14 bear leg).
  • Tomorrow sees CAD GDP land at the same time as the eagerly awaited US Q1 ECI and March core PCE deflator after earlier Q1 data implied a strong March print.
  • Earlier, the CAD SEPH report showed fixed weight wage growth bounce back sharply at 4.1% Y/Y whilst vacancy rates broadly plateaued rather than showing signs of greater moderation.

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