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USDCAD Uplift Continues On Broader Themes

CANADA
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  • USDCAD has pushed to ~1.3760 as USD strength continues across the board, extending the initial shunt higher on a strong ECI print and somewhat tepid monthly Canadian GDP.
  • The pair cleared resistance at 1.3731 (Apr 25 high) within 30 minutes of the release, opening the 1.38 handle with 1.3804 (Apr 19 high).
  • Some had flagged largest USD buy signals vs CAD from a month-end rebalancing angle, but the broader USD strength sees CAD outperform its high beta peers.
  • Tomorrow sees the FOMC firmly in focus, with no notable USDCAD option expiry and a thin CAD docket with just the S&P Global PMI. US data provide interest before the Fed though, including ADP, JOLTS and ISM mfg.

USDCAD bounces away from previously eyed support at 1.3609 (50-day EMA)Source: Bloomberg

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  • USDCAD has pushed to ~1.3760 as USD strength continues across the board, extending the initial shunt higher on a strong ECI print and somewhat tepid monthly Canadian GDP.
  • The pair cleared resistance at 1.3731 (Apr 25 high) within 30 minutes of the release, opening the 1.38 handle with 1.3804 (Apr 19 high).
  • Some had flagged largest USD buy signals vs CAD from a month-end rebalancing angle, but the broader USD strength sees CAD outperform its high beta peers.
  • Tomorrow sees the FOMC firmly in focus, with no notable USDCAD option expiry and a thin CAD docket with just the S&P Global PMI. US data provide interest before the Fed though, including ADP, JOLTS and ISM mfg.

USDCAD bounces away from previously eyed support at 1.3609 (50-day EMA)Source: Bloomberg