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Apr 30 - 01:55 PM

USD/CAD - Longs On The Verge Of Much Bigger Gains

By Christopher Romano  —  Apr 30 - 12:15 PM
  • UDS/CAD rallied above the 10- & 21-DMAs with help from US Q1 ECI data

  • ECI data fueled concerns inflation is running hot again, sank riskier assets

  • Commodities LCOc1XAU=HGv1 fell sharply as did stocks ESv1

  • US yields US10YT=RR rallied to drive broad based US$ gains

  • USD/CAD rally helped to increase bullish technical signals

  • Daily RSI turned upward and a 6-session high was struck

  • Rally stalled near the down trend line off the April 16 daily high

  • Break of that line would complete a bullish flag continuation pattern

  • Completion of pattern suggests USD/CAD could break November's monthly high

  • Rally above that high brings the 1.39755 (D3) 2022 yearly high into focus

  • For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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