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USDCAD Treading Water Ahead Of U.Mich, BoC Loan Officer Survey

CANADA
  • USDCAD trades in a particularly tight range, having almost entirely been within +/- 10pips of 1.349 since 1200ET yesterday having pushed 70 pips higher as risk-off extended after higher initial claims and PacWest sliding.
  • The subsequent recovery in the S&P E-mini, which has continued through today, has had little impact on the pair.
  • The bounce has exposed resistance at the 50-day EMA of 1.3518 after which lies a jump to 1.3640 (May 3 low).
  • Ahead, US import prices land first but most focus is on the U.Mich consumer survey followed by the BoC’s Senior Loan Officer Survey at 1030ET.

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