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Sep 06 - 08:55 AM

USD/CAD - Appears Overvalued Given Oil Rally

By Justin Mcqueen  —  Sep 06 - 06:45 AM
  • USD/CAD flat ahead of BoC decision and ISM services PMI

  • BoC expected to stand pat on policy, rhetoric risk leans hawkish

  • Resistance at 1.3640-70 (Apr/May/Aug peaks) continue to hold firm for now

  • Daily RSI bearish divergence also suggests upside may be exhausted

  • Oil prices rally on the back of Saudi/Russia oil output cut extension

  • Canadian dollar lagging the move in oil, however, king USD dominates

  • ECB pause risk would favour CAD higher vs Euro and CHF nL1N3AG1AJ

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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