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Canadian manufacturing PMI revised higher to 51.1- USD/CAD still trying to rebound

Along with so many negative dollar reactions to the really weak US payroll report, the USD/CAD fell back too. The drop came very close to breaking below the 1.3900 handle, but in the event the move lower stalled at 1.3903. It was just trying to rebound back above 1.3920 when the latest Canadian PMI data dropped across the wires. That was actually revised higher, to 51.1, from 50.4. This data has not actually sent the USD/CAD any lower yet, whilst being seemingly positive for the Canadian currency. However, at the same time, it has provided another headwind, dampening the prospect of the USD/CAD reaching a new 2024 high (above 1.3946) ahead of the weekend. So, it remains to be seen, if the USD/CAD can hold above 1.39 this afternoon and not trade any lower than it has already. The USD/CAD is trading at 1.3919
 

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