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USDCAD Resumes Move Higher

CANADA
  • USDCAD has forced its way higher as equities fall and broader USD strength returns, +0.4% at 1.2873, off 1.2876 earlier having cleared yesterday’s high.
  • The pair appears to have resumed the broader bullish trend outlook after recent corrective moves lower, next eyeing resistance at 1.2896 (May 18 high) clearance of which could open 1.2982 (May 16 high).
  • Weak US data yesterday sparked a surge higher in the pair as it instigated a risk-off drive which was seen to weigh on CAD compared to other majors due to its linkages with the US. Durable goods at 0830ET could provide the next trigger although the FOMC minutes later likely have a bigger pull factor.

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