USD/CAD eyes test of 200DMA at 1.2618 despite strong Canada jobs report, as buck strength continues By Frank_Macro USDCAD Fed BOC
t Canadian dollar depreciation versus its US counterpart. At current levels just above 1.2600, the pair is trading with on-the-day gains of about 0.15%, having earlier found support on a dip back towards the 1.2575 area. That means the pair is on course to post a third successive session in the green and, at levels above 1.2600, is trading at its highest since 23 March.
The main driver of recent strength has come from the US dollar side of the exchange rate. Hawkish commentary this week, most notably from Fed Vice Chair Lael Brainard and St Louis Fed President James Bullard, plus a hawkish sounding Fed minutes release, has ignited a rally in US yields as traders up their Fed tightening bets. This, combined with demand for safe-haven assets with global equities set to end the week lower, has supported the US dollar against most of its G10 peers.
Looking ahead, next week will be a busy one for USD/CAD traders. Key tier one US data, including Consumer and Producer Price Inflation plus Retail Sales data will be released. Meanwhile, the
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