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USDCAD Unperturbed By FI Rally

CANADA
  • European growth fears have done little to perturb risk sentiment from a USDCAD perspective though, with the pair sitting almost unchanged at the bottom of yesterday’s range at 1.2867.
  • The pair hovers just above the 50-day EMA of 1.2854, a clear break of which could open a key support at 1.2819 (Jun 28 low) and give scope for a deeper pullback from what has been seen as a bullish trend, although Can-US yield differentials offer little help on that front despite today's front-end underperformance.
  • Reasonably large option expiry for today’s cut-off with 1.125B at 1.2900 could provide some traction in the near-term but is unlikely to be meaningful in either direction if sentiment materially changes with the US PMIs.
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