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Dec 27 - 11:55 AM

USD/CAD - On The Backfoot As China Re-Opening Talk Boosts Commodities

By Paul Spirgel  —  Dec 27 - 09:35 AM
  • USD/CAD -0.45% to 1.3510 in early NorAm; Tues range 1.3575-1.3507

  • CAD liquidity light as Canadians celebrate Boxing Day

  • Commods bid on news China will further reduce COVID restrictions in 2023

  • U.S. treasury yields a tad higher into year-end supply

  • Oil hits three-week high as China eases COVID curbs nL1N33H016

  • $CAD probes below 1.3517, 50% Fib of 1.3226-1.3806

  • A close sub-1.3517 puts daily cloud base 1.3465, then 100DMA 1.3419 in focus

  • Resistance at 55-DMA by 1.3558, Tues high 1.3575 then 10-DMA 1.3610

  • China Re-opening trumping U.S. rate dominance heading into new year

Source:
Refinitiv IFR Research/Market Commentary

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