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Dec 23 - 04:55 PM

USD/CAD - Soft Despite Rising UST Yields, CAD Bulls Track Commodities Higher

By Paul Spirgel  —  Dec 23 - 10:55 AM
  • USD/CAD sliding into holiday, -0.4% at 1.3588; Fri range 1.3654-1.3576

  • Risk boosted equities reverse early slide, oil up better than 3%

  • Canada's economy slows in October, but still resilient after rate hikes

  • Pair shrugs off rising UST yields, BoC seen 25bp in 2023, Fed +50 IRPR

  • $CAD supt at 1.3577's 21-DMA, Dec 14 low 1.3520, daily cloud top 1.3480

  • Cloud twist Dec 27 just below 1.3470 in focus below 1.3520

  • Res Dec 23 high 1.3654, weekly triple top by 1.37 caps for now

  • China COVID recovery, rising commodities skew $CAD risks to downside in 2023

Source:
Refinitiv IFR Research/Market Commentary

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