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USDCAD Slides But CAD Lags On Victoria Day

CANADA
  • Victoria Day sees the bond market and TSX closed today.
  • USDCAD sits -0.44% at 1.2783 as CAD strength lags all majors bar JPY, off a session and two-week low of 1.2773.
  • CFTC net specs: Latest data to May 17 showed a build in the prior week’s first net short CAD position since March. At -9.6% of open interest, it was the largest net short position since Oct’21.
  • Technicals: The short-term bearish tone remains in play and a further fall could test support at the 50-day EMA of 1.2762, potentially opening a key support at 1.2714 (May 5 low) and putting pressure on those growing short positions.

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