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Jul 25 - 01:55 PM

USD/CAD - Dips Below Key Fib, 55-DMA Eyes Lower Bolli Support By 1.2791

By Paul Spirgel  —  Jul 25 - 11:15 AM
  • USD/CAD down 0.44% into Europe close; Monday range 1.2945-1.2843

  • Pair consolidating below key 50% Fib at 1.2083, 55-DMA 1.2865

  • Commodities rise aids CAD rise, oil +1%, copper +0.5%

  • CAD firm after BoC's recent 100bp rate hike; Fed seen at+75bp Wednesday

  • Fed comments will be scrutinized for inflation-recession view

  • Support at 1.2825 Jul 22 low, lwr 21-d Bolli 1.2792, 200-DMA 1.2714

  • Res 10-HMA 1.2878, 1.2945 Monday high, 1.3024 daily Tenkan line

  • Unless Fed goes uber-dovish, parallel US-CA rate paths should keep $CAD anchored near current lvls

Source:
Refinitiv IFR Research/Market Commentary

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