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USD / CAD - Canadian Dollar Inching Higher

- Global risk sentiment improves.

- US consumer confidence and Case-Shiller Home price data due.

- US dollar opens slightly softer compared to Monday.

USDCAD snapshot: open 1.3576-80, overnight range 1.3569-1.3606, close 1.3590, WTI $71.25, Gold $1952.74

The Canadian dollar is inching out small gains as European and US markets return from a long weekend break.

The Canadian dollar is benefiting from broad US dollar weakness following the news that US politicians have a debt-ceiling deal. It is far from being finalized and things can go pear-shaped easily, but global markets appear to have dismissed those concerns.

The news drove the US 10-year Treasury yield down from 3.82% to 3.72% which triggered a fairly mild US dollar sell-off.

Asia equity indexes closed mixed with Japan’s Nikkei 225 index rising 0.30% while Australia’s ASX 200 index fell 0.11%. European bourses are trading in a similar fashion. The German Dax is up 0.64% while the UK FTSE 100 is down 0.54%. S&P 500 futures are up 0.50% indicating a positive open on Wall Street.

Gold (XAUUSD) remains in the downtrend channel that started May 10 after prices peaked at $2076.50 and made a new monthly low at $1932.33 overnight.

EURUSD is trading at the top of its 1.0674-1.0741 overnight range due to broad US dollar weakness. Traders are awaiting Eurozone and German inflation data later this week as hotter than expected data will bolster arguments for higher terminal rates.

GBPUSD jumped from 1.2329 just before Europe opened to 1.2428 in NY trading. The prospect of another 100 bps of Bank of England rate hikes and the Fed on hold boosted prices. However, many analysts suggest that the expectation of 100 bps of tightening is too aggressive in the face of weak data. GBPUSD is in a downtrend below 1.2430.

USDJPY traded in a 139.97-140.92 range and retreated from the top after Finance officials hinted at FX intervention.

AUDUSD traded with a slight bullish bias in a 0.6504-0.6558 range. Prices are continuing to consolidate losses following the RBA’s downgrading of inflation and growth forecasts.

Today’s US data includes March Housing Price Index, Case-Shiller Home Price Indices and Consumer Confidence for May.