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May 12 - 01:55 PM

USD/CAD - Rallies Off New 2021 Low 1.2046 After US CPI Upside Surprise

By Paul Spirgel  —  May 12 - 11:44 AM
  • USD/CAD reversed post-CPI weakness rallies from 1.2046 2021 low to 1.21

  • Pair whipsaws after CPI upside surprise, Clarida dovish comments

  • Market's more aggressive rate stance see earlier Fed hike, lifts USD

  • USD/CAD supt 1.2046 Wed low, 1.2022 lower 21-d Bolli, 1.1920 May '15 low

  • Res 1.2132 Wed high, 1.2201 May 7 high area and 10-DMA

  • USD bulls need a rise abv 21-DMA 1.2348 to slow bearish structure

CAD Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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