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May 24 - 01:55 PM

USD/CAD - Early Dip Reversed After Weak PMIs Hint At Less-Hawkish Rate Path

By Paul Spirgel  —  May 24 - 11:55 AM
  • USD/CAD firm into Europe close, +0.7% to 1.2860; Tuesday range 1.2872-1.2765

  • Weak global PMI data tempers hawkish global rate tones; CADOIS rates dip

  • CADOIS +178BP to Dec BoC meeting, FF futures show +182 to Dec 14 Fed meet

  • $CAD supt holds by 1.2768, 50% of 1.3077-1.2459, res by 10-DMA at 1.2877

  • Close below 1.2768 shifts momentum to USD bears,55/100-DMAs targeted by 1.27

  • Above the 10-DMA May 18-19 highs ahead of 1.29 in focus

  • Risks tipped to downside as Fed, BoE are seen traveling on similar hike path

CAD Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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