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Jun 04 - 01:55 PM

USD/CAD - Higher Despite UST Yield Dip, Commodity Slide Weighs On CAD

By Paul Spirgel  —  Jun 04 - 11:50 AM
  • $CAD firm into Europe close +0.4% at 1.3682; Tuesday range 1.3699-23

  • Soft commodities weigh on CAD; low BoC rate expectations add to CAD decline

  • UST yields down 4-6bp in belly of US yield curve tempers CAD weakness

  • IRPR: 80% odds for BoC cut in June, -64bp by Dec; Fed 75% odds for Sept cut

  • $CAD res 1.3699 Tuesday high, 1.3739 upper 21-d Bolli, 1.3762 May 8 high

  • Support 1.3663 21-DMA, 1.3623 Tuesday low, 1.3583/76 100/200-DMA area

Source:
Refinitiv IFR Research/Market Commentary

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