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CAD Leads The Way

CANADA
  • An uptick in USD strength has seen USDCAD move from a session low of 1.2819 to currently trade -0.28% on the day at 1.2842.
  • CAD leads the majors along with AUD with modest risk on moves largely holding since the US came in before upcoming US data and the open.
  • It extends a corrective pullback for USDCAD, and having cleared the 20-day EMA next opens the 50-day EMA of 1.2798, whilst it doesn’t trouble resistance at yesterday’s high of 1.2917.
  • Trudeau notes willingness to expand energy infra to help Europe in the medium-term but as Natural Resources Minister Wilkinson has said, even a re-purposing of a natural gas import terminal for exports could take 3-4 years.

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