White House Press Secretary Karine Jean-Pierre and COVID Response Coordinator Dr. Ashish Jha are shortly due to give a press conference.
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Aussie 10yr futures have strengthened, but remain weak over the medium-term, having extended the downtick alongside the global wave of bond weakness. This shifts first support lower, with markets eyeing vol band support at both 95.470 and 95.651. Moving average studies continue to highlight a bearish backdrop and recent weakness has maintained a bearish price sequence of lower lows and lower highs - the definition of a downtrend. Key short-term resistance remains at 96.945, the Apr 26 high.
The USDCAD outlook is bullish and price continues to trade closer to its recent highs. The pair cleared 1.3000 on Jun 17 and the rally also resulted in a print above key resistance at 1.3077, the May 16 high and a bull trigger. A clear breach of 1.3077 would confirm a resumption of the uptrend and signal scope for strength towards 1.3113, the Nov 23 2020 high. Initial firm support is at 1.2853, the 20-day EMA.