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Jun 08 - 01:55 PM

USD/CAD - Consolidates By 10- And 21-DMA Near 1.2080, Ahead Of BoC Wednesday

By Paul Spirgel  —  Jun 08 - 11:36 AM
  • USD/CAD gains 0.11% to 1.2095, Tuesday range 1.2101-1.2071

  • Pair trades slight range, traders await Wed BoC; growth taper view in focus

  • Pair straddles 10/21-DMA by 1.2080; res at 1.2139 50% of 1.2352-1.2007

  • Narrowing Bolli's hint at potential for volatility pickup

  • Below 1.2007, Jun 1's 2021 low puts 1.1920's May 2015 monthly low in view

  • Watch for BoC comments on CAD strength effects on growth, inflation

  • Bulls need a rise abv 1.2180 50% Fib of 1.2352-1.2007 to slow bearish tide

CAD Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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