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USD/CAD analysis: Loonie hits resistance ahead of key week for US data
The US dollar found modest further support on Friday following Thursday’s bullish reversal on the back of a soft 30-year Treasury auction and hawkish comments by Powell. The key question is whether those gains will last and on the evidence of today’s price action, I am not so sure. I don’t think the Fed Chair said anything out of the ordinary, although that’s not to say the dollar won’t necessarily rise further, if incoming data continues to surprise to the upside. I mean, you wouldn’t expect Powell to turn decisively dovish just on the back of a couple of weaker data points. Equally, with inflation ... (full story)