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CAD Outperforms All To Claw Back Some Of The BoC Decline

CANADA
  • USDCAD has drifted lower today, currently around 1.35, to pull back from an overnight high of 1.3535 in a move that took it closer to resistance at a bull trigger of 1.3542 (Jan 17 high).
  • CAD outperforms all majors today in a reversal of yesterday’s BoC-induced significant underperformance (aided by today’s increasing WTI strength, +2.3%, offsetting a paring of equity gains).
  • It sees the loonie reverse about half of the -0.7% drop in trade-weighted terms from levels shortly before the BoC decision.
  • USDCAD still sees a bullish technical trend structure, with a break of the above resistance potentially opening 1.2623 (Fibo retrace of Nov 1 – Dec 28 bear leg).
  • In the near-term, tomorrow sees solid expiry at 1.3390 ($1.17bn), but also a combined $1.46bn between 1.3600-1.3625.
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