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Aug 30 - 11:55 AM

USD/CAD - Soars After JOLTS, Consumer Confidence Rise Boosts Rates

By Paul Spirgel  —  Aug 30 - 11:25 AM
  • USD/CAD firm after consumer conf, JOLTS data rises; +0.6% at 1.3088

  • Pair rallies from early NorAm lows by 1.2988, NorAm range 1.3107-1.2988

  • UST yields rise, oil falls 4% provides broad boost for USD

  • Close above daily cloud top (1.3020) adds to bullish USD structure

  • Bulls target 1.3135 the Jul 15 high, then 1.3224's July 14 high

  • Support at rising 10-DMA (1.2989), key 50% Fib at 1.2917

  • Below 1.2917, 50% of 1.2728-1.3106 shifts momentum to USD bears

  • US, CA rate mkts indicate CA rate peak in Apr 2023 at 3.87%, US peak 3.9% in March

Source:
Refinitiv IFR Research/Market Commentary

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