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USDCAD Whipsaws With Data

CANADA
  • USDCAD has whipsawed since the 0830ET data with equities but now at 1.359 (-0.5%) is back near session lows of 1.3575 after impetus from lower U.Mich inflation expectations.
  • It sits at the low end of yesterday’s wide range (1.3571-1.3685) with a combination of a modestly weaker USD and CAD outperforming on most crosses with a boost from higher oil.
  • Short-term technical trends are seen as remaining bullish with resistance at 1.3705 (Dec 16 high) but there is some scope to the downside with support still a little way off at 1.3519 (Dec 14 low).

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