• USD/CAD (+0.5%) extends rebound following firmer U.S. ISM mfg. PMI

• Hold of Trump tariff level (1.3982) makes clear that risks are on the upside

• Near-term focus on 1.41. Highest YTD daily close = 1.4095

• Closing break above will open the door to a test of the swing high at 1.4178

• Oil prices continue to languish around recent lows. WTI-sub $70/bbl

• USD/CNH range break paves way for USD strength. Resistance = 7.30

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