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CAD Largely Resists Firmer USD

CANADA
  • USDCAD trades +0.1% at 1.2671 in a minor pullback of yesterday’s continuation of the current bear cycle. CAD outperforms other majors ahead of GDP later and the BoC tomorrow.
  • The cross has recently cleared both the 20- and 50-day EMAs and also touched below 1.2660 (61.8% retrace of the Apr5–May12 bull run), a clear break of which could open a 1.25 handle, whilst initial resistance is now eyed at 1.2801 (20-day EMA).
  • Data: GDP for Mar/Q1 at 0830ET. Consensus has real GDP growth at 5.2% annualised after the 6.7% in Q4, vs the BoC’s forecast of 3.0% from April. Global risk sentiment has been the largest driver of the cross recently but another strong print here could help support current levels.
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