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Jan 15 - 11:55 AM

USD/CAD - Upside Intact Ahead Of BoC Survey, CA CPI

By Justin Mcqueen  —  Jan 15 - 08:50 AM
  • Softer oil prices (Brent crude -1.3%) keeps USD/CAD upside intact

  • Oil's test of key support should be closely watched nL1N3E50TQ

  • USD/CAD has now retraced 61.8% of December 2023 decline

  • Resistance: 1.3420 (Oct low) limits rise. Jan 11 high at 1.3443

  • However, a close above can extend momentum towards its 200DMA (1.3480)

  • Key catalysts include BoC outlook survey (Mon) and CA CPI (Tue)

  • BoC's preferred inflation metric is more dovish than the headline

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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