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Jan 02 - 11:55 AM

USD/CAD - Boosted Away From Late-Dec Lows By Rising UST Yields

By Paul Spirgel  —  Jan 02 - 10:30 AM
  • $CAD firm in early NorAm +0.6% at 1.3320; Tuesday range 1.3329-1.3224

  • UST long yields higher into the new year aids USD lift

  • IRPR on Eikon showing -150bp of cuts in 2024, hints USD rise may be fleeting

  • UST yield may be a consequence of upcoming large U.S. IG bond issuance

  • BoC seen cutting rates 122bp in 2024 may keep CAD anchored near recent highs

  • $CAD res 1.3329 Tues high, 1.3337 minor Fib, 1.3391 21-DMA

  • A cls above 1.3516 the 50% Fib of 1.3855-1.3177 shifts momentum to USD bulls

  • Supt at 1.3300, 1.3263 flattening 10-DMA, 1.3177 Dec 27 trend low

Source:
Refinitiv IFR Research/Market Commentary

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