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CAD Bottom Of FX Pile Despite Headline Jobs Beat

CANADA
  • USDCAD has recently pushed to 1.3482 before pulling back 7-8pips, a sizeable swing from the brief low of 1.3413 seen after the strong CAD jobs print.
  • It’s a move that also sees CAD now joint bottom of the G10 FX pile despite S&P 500 and crude oil futures holding onto the day’s gains.
  • Some of the aforementioned factors of January seasonality and the heavy role that part-time positions played could well be at play.
  • Option expiry for the earlier NY cut could also have been a factor, having previously helped bias on balance lower with strikes including 1.3350 (a sizeable 1.38bn), 1.3370 (250mln), 1.3375 (317mln), 1.3400 (765mln), 1.3500 (361mln).
  • The move remains within yesterday’s high of 1.3493 and resistance at 1.3542 (Jan 17 high), whilst to the downside key support remains at 1.3359 (Jan 31 low).
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