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USDCAD Pushes Week Highs With Equities & Oil Fading Further

CANADA
  • USDCAD has pushed to new session highs of 1.3565 (+0.5%) as the S&P e-mini pushes lows again whilst WTI continues to test $70/bbl.
  • The earlier break of a narrow range around 1.349 and then resistance at 1.3515 (50-day EMA) has opened resistance next at 1.3640 (May 3 high).
  • There is reasonable cumulative option expiry for Monday’s cut at nearby strikes that could offer some resistance for a move much higher: 1.3550 ($531m), 1.3520 ($324m), 1.3505 ($381m) and 1.3500 ($669m).
  • Debt limit talks on Monday aside, Tuesday sees a more material docket with US retail sales and CAD CPI landing at 0830ET.

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