from Citibank:
Good CAD trade numbers, bad US ones, plus a general pullback in the USD. And still USDCAD, like Tom Petty, won’t back down. Is this going to prove a case of what won’t go down, must go up? Turnover is above average and our flow has a large 56% bias in favor of buying. Normally, this might be considered a little stretched, but with real money leading the demand, this is unlikely to unwind in the short term. Leveraged names have been sellers nearly all day with us, presumably taking profit.
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