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USDCAD Sees Tightest Range Since Nov 24

  • USDCAD is trading broadly sideways at ~1.365 through the session in the tightest range it’s seen in two and a half weeks.
  • Little changed on the day sees CAD midpack of G10 FX although with some outperformance to Antipodeans after sliding against them last week (e.g. AUDCAD -0.75% after +1.5% last week), with CAD potentially seeing a larger boost from higher oil.
  • The technical outlook is seen as bullish for USDCAD, with resistance at 1.3700 (Dec 7 high) and support at 1.3504 (former trendline resistance).
  • Macklem speaks late on with remarks published 1525ET but impact potentially limited by recent push to greater data dependency and US CPI hitting tomorrow.

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