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“The FX market remains laser-focused on central banks that haven’t tried to talk down inflation, indicating more urgency to hike sooner. That may not change the endpoint but the scope for an earlier hike has nudged USDCAD lower. Even so, CAD holds quite a bit of good news in the price, leaving us comfortable with our freshly minted USDCAD longs and a 1.2750 target,” noted Mark McCormick, global head of FX strategy at TD Securities.
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