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Aug 09 - 01:55 PM

USD/CAD - Drifts Higher As Early Energy-Related Gains Are Pared

By Paul Spirgel  —  Aug 09 - 12:10 PM
  • USD/CAD higher into Europe cls, +0.17% at 1.2880; Tues range 1.2890-44

  • Commodity gains evaporating, rising UST yields aid USD/CAD rise

  • Traders eye Wed's US inflation data; TR f/c sees core up, headline down

  • $CAD probes above daily cloud top (1.2877), minor res at 1.2900's 30-DMA

  • More significant res at Monday high 1.2984, Daily Kijun 1.2995

  • Support at 1.2844 Tues low, Aug 4 low 1.2819, then 100-DMA at 1.2791

  • BoC, Fed parallel rate paths likely to keep $CAD anchored near current lvls

  • FEDWATCHBOCWATCH indicate BoC YE 2022 rate at 3.59%, Fed rate 3.59%

  • Without significant change in rate or growth policy, moves just mkt sledding

Source:
Refinitiv IFR Research/Market Commentary

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