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USDCAD Testing Early August Low Pre GDP/US PCE

  • USDCAD is nudging its latest low of 1.3268, which after a recent run of clearing support levels stopped just shy of 1.3266 (Aug 2 low) after which lies 1.3184 (Aug 1 low).
  • First seen late last week, the 14-day RSI suggests the pair remains in oversold conditions.
  • CAD sits at the lower end of the G10 FX pack ahead of US PCE/durable goods and CAD GDP, with the day’s extended USD weakness countering a further narrowing in the Can-US 2Y yield differential to its tightest since late Oct and WTI futures holding onto overnight gains.

Source: Bloomberg

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