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CAD Outperforming Most With Oil Boost

CANADA
  • USDCAD has seen further gains today, currently trading close to highs of 1.3538. After yesterday’s clearance of the 20-day EMA, next resistance is at 1.3593 (Sep 12 high)/a key 1.3595 (Sep 7 high).
  • CAD nevertheless outperforms most today in a reversal of yesterday’s underperformance, aided by WTI back at $92/bbl, although the subdued lift in the S&P e-mini after yesterday’s slide appears to weigh relative to another oil exporter in NOK which tops the day’s gains.
  • Ahead, Canadian population data are unlikely a market mover but nevertheless important for the labor supply/aggregate demand trade-off, whilst US durable goods land at the same time.
  • There is further reasonable option expiry for today’s NY cut at 1.3500, albeit with a more modest $604m.
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