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USDCAD Unwinds Half Of Risk-Off Jump

CANADA
  • The recovery in risk sees USDCAD unwind around half of today’s move higher, now +0.5% at 1.2830.
  • It had touched 1.2873 as risk-off flows from a weak US open before the PMI, Richmond Fed Mfg index and new home sales all missed were compounded for the pair due to Canada’s close linkages.
  • Despite the lurch higher, it didn’t test initial resistance which continues to be eyed at 1.2896 (May 18 high), whilst support remains the 50-day EMA of 1.2763 having stopped just short of it yesterday.
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  • The recovery in risk sees USDCAD unwind around half of today’s move higher, now +0.5% at 1.2830.
  • It had touched 1.2873 as risk-off flows from a weak US open before the PMI, Richmond Fed Mfg index and new home sales all missed were compounded for the pair due to Canada’s close linkages.
  • Despite the lurch higher, it didn’t test initial resistance which continues to be eyed at 1.2896 (May 18 high), whilst support remains the 50-day EMA of 1.2763 having stopped just short of it yesterday.