March 20, 2024 16:50 GMT
CAD Outperforms Pre-FOMC, TMX Appears To Help
CANADA
- USDCAD at 1.3557 is now ~10pips through pre-CPI levels.
- Resistance is seen at 1.3614 (Mar 19 high) whilst support is seen at 1.3500 (50-day EMA). Tomorrow’s largest pertinent expiry is $496mn at 1.3570.
- CAD outperforms all G10 FX despite WTI more than unwinding yesterday’s gains, but the day’s net USD strength and continued TMX developments are helping after the already sizeable narrowing in the WTI-WCS spread in recent weeks.
- Canada’s TMX pipeline is on track to be in service within three months Trans Mountain's chief financial and strategy officer Mark Maki told S&P Global’s CERAWeek. The comments support Alberta Premier Smith saying yesterday the pipeline expansion will be complete by the end of May, with the first waterborne exports a month later.
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