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CAD Performs Well Considering Further USD Weakness

CANADA
Homepagemarkets-real-timeBulletMarketsForeign Exchange BulletsCanada Bank of Canada Market NewsFOMC Calendar Market News
  • USDCAD has tilted to session lows of 1.3691 having continued the post-FOMC decline.
  • It still has some way to go until support at 1.3632 (Apr 29 low) whilst the technical outlook still points to a bullish structure with resistance at 1.3804 (Apr 9 high).
  • CAD holds up well compared to its G10 peers considering the broader USD weakness on the day and a large miss in earlier trade data with a surprise goods deficit of C$2.3bn vs expectations of a C$1.2bn surplus. A reversal of some month-end related underperformance could perhaps be helping.
  • Tomorrow sees a light Canadian docket, with just serv/composite PMIs and firm focus instead on US payrolls.
  • Tomorrow’s cut sees further sizeable expiry at a high strike of 1.3850 ($877m after ~$1bn today) but little of note beyond that.
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  • USDCAD has tilted to session lows of 1.3691 having continued the post-FOMC decline.
  • It still has some way to go until support at 1.3632 (Apr 29 low) whilst the technical outlook still points to a bullish structure with resistance at 1.3804 (Apr 9 high).
  • CAD holds up well compared to its G10 peers considering the broader USD weakness on the day and a large miss in earlier trade data with a surprise goods deficit of C$2.3bn vs expectations of a C$1.2bn surplus. A reversal of some month-end related underperformance could perhaps be helping.
  • Tomorrow sees a light Canadian docket, with just serv/composite PMIs and firm focus instead on US payrolls.
  • Tomorrow’s cut sees further sizeable expiry at a high strike of 1.3850 ($877m after ~$1bn today) but little of note beyond that.