USDCAD Technical Analysis – Month-end flows lead to a rangebound price action ...Middle East

Fundamental OverviewThe USD got a boost from the strong US Consumer Confidence data which triggered an aggressive rise in long term Treasury yields. The report however just showed that the labour market remains resilient which is good news for growth and not necessarily bad news for inflation. The greenback benefited also from the risk-off sentiment which looks increasingly likely that it was caused more by the month-end flows rather than a fundamental driver. The CAD, on the other hand, came a bit under pressure recently from the weaker than expected Canadian CPI figures which raised the chances of a rate cut in June (although it remains basically a coinflip). The risk-on sentiment though

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