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CAD Overtakes JPY As Weakest G10 FX Performer

CANADA
  • The acceleration in e-mini S&P weakness is feeding through to USDCAD, popping to a high of 1.3437 (+0.35%), with CAD weakest performer on the day having overtaken JPY, which has largely recovered from earlier post-BOJ weakness.
  • It touches yesterday’s high of 1.3437 with stronger resistance seen at the 50-day EMA of 1.3502.
  • Risk sentiment dominates, with no clear impact from another 2% step higher for WTI today or a minor re-narrowing in Can-US negative yield differentials after blowing out in prior days.

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