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USD/CAD: Intraday Analysis & Setup

The Canadian dollar was little changed against the greenback on Thursday, holding near its weakest level in 13 days, as long-term borrowing costs rose after U.S. Federal Reserve Chair Jerome Powell left the door open to additional interest rate hikes.

“When you look at the broader sweep of factors that generally affect the Canadian dollar – yields and yield differentials, risk appetite and commodities – nothing is working in the CAD’s favor at the moment,” said Shaun Osborne, chief currency strategist at Scotiabank. “I think generally we’d need to see stronger risk appetite, a much weaker (U.S.) dollar overall, probably some relaxation in this rise in market rates in the U.S. before the CAD can improve.”

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