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USDCAD Trims Day’s Gains

CANADA
  • CAD fares well against nearly all majors again today but can’t quite compete with USD strength even after a recent blip, with USDCAD sitting +0.12% at 1.2835.
  • Technicals are still seen as bullish with the pair earlier touching 1.288 in a test of 1.2871 (Mar 15 high), a clear break of which would open key resistance the post-war high of 1.2901 (Mar 8).
  • Relative outperformance to majors was further supported by the SEPH employment report for Feb, not a major release but it confirmed labour market strength from the now old LFS report, with solid job growth and wages up 2.4% Y/Y despite a compositional bias lower.


Source: Bloomberg

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  • CAD fares well against nearly all majors again today but can’t quite compete with USD strength even after a recent blip, with USDCAD sitting +0.12% at 1.2835.
  • Technicals are still seen as bullish with the pair earlier touching 1.288 in a test of 1.2871 (Mar 15 high), a clear break of which would open key resistance the post-war high of 1.2901 (Mar 8).
  • Relative outperformance to majors was further supported by the SEPH employment report for Feb, not a major release but it confirmed labour market strength from the now old LFS report, with solid job growth and wages up 2.4% Y/Y despite a compositional bias lower.


Source: Bloomberg