US equities have bounced back. The S&P 500 index has recovered from the third two-day dip in the past month and US bonds are maintaining an offered tone as US 10y yields extend toward basing pattern targets. This is keeping the USD under pressure against major currencies. USD/CAD has been a particular beneficiary as rising prices in WTI crude oil help underpin strength in CAD and a familiar daily reversal pattern in USD/CAD points to further downside within a month-long falling channel.
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Barclays Capital