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USDCAD With Room To Move As Fedspeak Eyed

  • USDCAD holding only ~35 pips higher than before the weak jobs print at 1.3042.
  • Analysts note a particularly large jobs hit from education, a sector to prone to noise over summer, but that hasn’t stopped a more notable 10bp narrowing in the Can-US 2Y yield differential as GoCs outperform, chipping away at one recent but modest support factor for CAD.
  • Double Fedspeak ahead at 1200ET with room to move either direction from technicals (support 1.2960 50-day EMA, resistance 1.3105 yesterday high) but moves potentially faded with an eye to Tuesday’s US CPI.

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