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USDCAD Whipsaws With Powell, Macklem Q&A Ahead

  • USDCAD whipsaws with Powell’s comments, first falling to a low of 1.338 as Friday’s payrolls strength wasn’t used for a particularly hawkish stand before retracing the move with acknowledgement that further strength would warrant more hikes than is priced (being data dependent).
  • The pair is almost back at levels seen briefly after Macklem’s remarks at 1.344 for unchanged on the day, with Macklem’s media Q&A to come at 1400ET.
  • Technicals: Prior bounce seen corrective. Resistance at yesterday’s high of 1.3475 after which key short-term 1.3521 (Jan 19 high) whilst support still seen 1.3312 (Feb 3 low).

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