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Dec 09 - 11:55 AM

USD/CAD - Gains Again Foiled At Fibo Hurdle After PPI And Pipeline Pops

By Randolph Donney  —  Dec 09 - 10:05 AM

  • USD/CAD is up 0.4% after the U.S. hot PPI-induced a peak at 1.3690

  • That high again saw sellers into the 61.8% of Oct-Nov drop there

  • This is the fourth straight session with highs by that Fibo

  • Bounce in Treasury yields post-PPI nL1N32Z10K and risk dip lift

  • Prices also possibly boosted by Keystone pipeline closure nL1N32Z10K

  • BoC only seen having 13bp of rate hikes left vs 114bp from the Fed

  • By end of 2023, BoC rate's priced at 4.1% vs 4.5% for Fed funds

  • Trends is up unless while above Tues's low and on-close pivot pt at 1.3558

  • The 76.4% Fibo and Nov high by 1.3800 are hurdles pre-2022's 1.3975 peak

For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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