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May 05 - 01:55 PM

USD/CAD - Broad USD Bid Lifts USD/CAD Above 10-DMA, 2022 High 1.2914 In Focus

By Paul Spirgel  —  May 05 - 11:35 AM
  • USD/CAD firm into Europe close +0.8% to 1.2835; Thurs range 1.2839-1.2713

  • Early USD post-Fed dip reversed, traders focus on Fed +50bp next meetings

  • Higher oil and BoC expected to keep pace w/Fed likely keeps CAD firm

  • $CAD rise abv 10-DMa at 1.2806 bullish, next res 1.2914 May 2 2022 high

  • Supt at 10-DMA (fmr res), 1.2713 Thurs low, rising 21-DMA 1.2695

  • Below 1.2686, 50% Fib of 1.2459-1.2914 USD bears gain momentum

CAD Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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