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USDCAD Slides As WTI Gains Extend

  • USDCAD quickly slips lower to 1.3505 in a clearance of support at 1.3510 (Aug 24 low) to next open 1.3489 (20-day EMA).
  • Continued gains in WTI (2%) appear to help the move lower despite the recent decline in its correlation, whilst the S&P e-mini remains confined to a narrow range ahead of payrolls tomorrow.
  • The move also comes as CAD increasingly outperforms on the day on the crosses, second only to JPY which has benefited from Treasuries rallying.

Source: Bloomberg

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