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USDCAD Reverts To Underperforming, Earnings & US Data Ahead

  • USDCAD has just edged back from a session high of 1.3188, although keeps within yesterday’s range aside from a brief dip to 1.3147 in London trade.
  • WTI consolidating yesterday’s climb and the S&P e-mini near yesterday’s highs haven’t been enough to support CAD on crosses, trading near the bottom of the pack after prior outperformance.
  • The technical trend needle points south with support at a bear trigger of 1.3093 (Jul 14 low) and resistance at 1.3243 (Jul 18 high).
  • A quiet domestic docket aside from earnings, led by Canadian National Railway (fourth largest market cap on TSX60) after the close. Before then we see second tier US data releases, before Microsoft, Alphabet and Visa all also report after the close.

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