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DOLLAR-CANADA: CAD rallied sharply vs. all other G10 FX on Monday, topping the
table for a second consecutive session, following the affirmation of a
trilateral trade deal between the U.S., Mexico & Canada. The pair last deals at
- USD/CAD broke comfortably below the 200-DMA (C$1.2869), closing below that
particular average for the first time since April. The rate dealt below channel
base support (C$1.2792), but failed to close below the level, with USD/CAD bears
now eyeing the mid-April lows (C$1.2528) as a longer-term target. Bulls need to
reclaim the 100-DMA (C$1.3054) to alter the short term outlook in their favour.
- One of our POV's noted that USD/CAD's risk reversals curve shows hedgers
believe the current CAD rally will provide near-term relief for the currency,
but they believe that the latest news flow provides no change to the pair's
medium- or long-term outlook.
- Highlights on the CA docket this week include Ivey PMI & trade data, as well
as the Canadian labour market report.
MNI London Bureau | +44 0203-865-3809 |