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USDCAD Pushes Two-Week Highs As Equities Sour

CANADA
  • USDCAD has lifted back near the day’s highs of 1.3249 with the S&P e-mini seeing a sizeable rolling over, after earlier equity strength had helped offset GoC outperformance to Treasuries following a soft June GDP advance in what was a relatively narrow range.
  • The original push higher in the pair overnight had cleared resistance at 1.3243 (Jul 18 high) and opened 1.3288 (50-day EMA), which as has been the case this week remains the hurdle to clear to highlight a short-term reversal away from a bear trigger at 1.3093 (Jul 14 low).
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