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Apr 28 - 01:55 PM

USD/CAD - Slips Amid Rising Oil, Steady Fed Rate, Taper View

By Paul Spirgel  —  Apr 28 - 11:47 AM
  • USD/CAD falls 0.32% at 1.2360, Wednesday's range 1.2416-1.2355

  • Pair hit new 2021 low 1.2355, probes lwr 21-m support by 1.2359

  • Upbeat global growth vibe, lifts oil (CLc1 +2.1%); exp'd Fed hold boosts CAD

  • BoC eyes early taper, rate rise, diverges from current steady Fed narrative

  • Monthly cls sub-1.2359 favors further USD dip, next supt Jan '18 low 1.2250

  • USD bulls need to regain 10DMA 1.2483 to slow slide, abv cloud (1.2621) bulls re-gain control

CAD Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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