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USDCAD Unwinds Payrolls Boost, Highest CAD Net Longs In A Year

CANADA
  • A largely one way firming in S&P E-minis sees USDCAD reverse Friday’s payrolls jump as it falls-0.4% to 1.2878, albeit with CAD and NOK lagging other high beta majors with oil dipping.
  • Gains in the pair have been considered corrective since previously clearing 1.2819 (Jun 28 low), with support next seen at 1.2818 (Aug 4 low) and then multiple at 1.2767/63 (Aug 1/June 13 lows).
  • A dearth of local releases this week sees US CPI and global risk sentiment firmly in the driving seat, whilst latest CFTC net specs positioning for last Tue suggesting we’re heading into this week having poked to the highest net longs since July 2021 at 13.9% OI.

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