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Jan 31 - 01:55 PM

USD/CAD - Sub-1.34 After Soft ADP, Employment Cost Lifts Dovish Fed View

By Paul Spirgel  —  Jan 31 - 11:55 AM
  • $CAD soft in early NorAm -0.12% at 1.3381; Wednesday range 1.3436-1.3359

  • USD slide after ADP/emp cost data follows UST yields lower

  • Dip tempered ahead of upcoming Fed rate announcement/presser

  • US labor costs growth slows in boost to inflation outlook nL1N3EL1ON

  • LSEG's IRPR indicating better than 60% odds for March cut weighs on USD

  • $CAD supt at Wed low/daily Kijun by 1.3359, lwr 21-d Bolli 1.3318

  • Res 1.3416 55-HMA, 1.3436 Wednesday high, 1.3451 falling 10-DMA

Source:
Refinitiv IFR Research/Market Commentary

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