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CAD Continues To Underwhelm Versus Peers

CANADA
  • USDCAD extends to new session highs of 1.3394 with equities falling further, although the recent bearish theme means resistance remains a way off at 1.3495 (Nov 21 high).
  • A resumption of USD strength sees CAD return to the mid-pack of majors after the past two days of underperformance, reflected by the wider relative gap between USDCAD and the TWI (TWI inverted in chart below).
  • Since the Oct 26 decision, the CAD has appreciated 1.3% vs the USD and about half that on a trade weighed basis, doing relatively little to change FX passthrough implications after the BoC previously noted a softer CAD requiring rates to do more work on reducing inflation.

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  • USDCAD extends to new session highs of 1.3394 with equities falling further, although the recent bearish theme means resistance remains a way off at 1.3495 (Nov 21 high).
  • A resumption of USD strength sees CAD return to the mid-pack of majors after the past two days of underperformance, reflected by the wider relative gap between USDCAD and the TWI (TWI inverted in chart below).
  • Since the Oct 26 decision, the CAD has appreciated 1.3% vs the USD and about half that on a trade weighed basis, doing relatively little to change FX passthrough implications after the BoC previously noted a softer CAD requiring rates to do more work on reducing inflation.