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USD/CAD remains on the defensive – RBC CM

Adam Cole, Research Analyst at RBC Capital Markets, notes that the USD/CAD remains on the defensive in response to yesterday’s ~4% rally in crude oil prices.

Key Quotes

“Therefore, although USD/CAD still remains within a broad multimonth trading range defined by support at 1.2771 and key double top resistance at 1.3219, the resulting bearish breakout below 1.3006 sets the stage for a move toward secondary support at 1.2862 as the bottom end of the range is probed.

Today’s CA July Teranet House Price Index data will garner some market attention (no consensus, prior 10.0% y/y) as concerns about outsized price gains in the Vancouver and Toronto real estate markets linger.”

EUR/GBP could test 0.8383 in the short term – Commerzbank

The European cross could grind lower and test 0.8383 in the near term, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank. Key Quo
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US: The beginning of a key economic data - MUFG

Derek Halpenny, European Head of GMR at MUFG, suggests that the bounce in crude oil prices certainly helped equity investor sentiment yesterday and al
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