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USDCAD Sees Sizeable Lift On Limited Drivers, Technicals Potentially At Play

CANADA
  • USDCAD has pushed back to ~1.34, with CAD switching to underperforming most majors despite relatively modest paring of earlier gains for the S&P e-mini and especially WTI after the latter's earlier gains on Red Sea traffic disruption.
  • There are few clear drivers for the relative move in CAD’s relative sitting in the G10 FX pack, which has been worth -0.3% on a trade-weighted basis over the past 90 minutes.
  • The rise in USDCAD comes after the earlier 1.3350 tied with Friday’s low in a step closer to support seen at 1.3320 (Aug 4 low). Resistance isn't seen until 1.3520 (Dec 14 high).

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