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Sep 16 - 09:55 AM

CAD: Fundamentals Moving In Favor Of A Stronger CAD; Levels To Watch - MUFG

By eFXdata  —  Sep 16 - 08:48 AM

MUFG Research discusses CAD outlook and sees a scope for further gains (lower USD/CAD), over the coming weeks.

"The Canadian dollar has been one of the better performing G10 currencies so far this week boosted by the ongoing rebound in the price of oil and release yesterday of stronger than expected inflation data from Canada," MUFG notes.

"We continue to see scope for the Canadian dollar to rebound from weaker levels after underperforming between June and August driven by growth concerns. USD/CAD will need to break through key support between 12525 and 1.2575 before to provide stronger bullish signal that the tide is beginning to turn," MUFG adds. 

Source:
MUFG Research/Market Commentary

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