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USDCAD Surges Past 1.37 Jun 2020 Highs

CANADA
  • USDCAD clears 1.37 and then snaps higher to 1.3767 before pulling back to 1.3745 (+1.1%).
  • CAD sits more mid-pack of majors after outperforming early in the US session with little clear discernible driver, with e-mini S&P and WTI moving lower but within session ranges, although the latest increase in the pair did follow BOE Baily's comments on looking for a full assessment on the GBP decline and fiscal plan at the next scheduled meeting.
  • It’s through resistance at 1.3702 (2.382 proj of Aug 25-Sep7-13 price swing) and 1.3716 (Jun 26, 2020 high), potentially opening resistance at 1.3833 (May 29, 2020 high).

Source: Bloomberg

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  • USDCAD clears 1.37 and then snaps higher to 1.3767 before pulling back to 1.3745 (+1.1%).
  • CAD sits more mid-pack of majors after outperforming early in the US session with little clear discernible driver, with e-mini S&P and WTI moving lower but within session ranges, although the latest increase in the pair did follow BOE Baily's comments on looking for a full assessment on the GBP decline and fiscal plan at the next scheduled meeting.
  • It’s through resistance at 1.3702 (2.382 proj of Aug 25-Sep7-13 price swing) and 1.3716 (Jun 26, 2020 high), potentially opening resistance at 1.3833 (May 29, 2020 high).

Source: Bloomberg