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CAD Rebounds, JPY Continues Drift Lower

FOREX
  • A recovery in oil prices benefitted the Canadian dollar on Tuesday, topping the G10 pile. USDCAD fell 0.4%, despite broad dollar indices likely to register a third consecutive day of gains.
  • An overall improvement in the commodity space also boosted AUD and NZD, with most notable gains seen against the Japanese Yen.
  • USDJPY firmed toward 110.60 as the e-mini S&P printed a new all-time high of 4438.25. Greenback strength also remained resolute against both the CHF and the EUR, with EURUSD edging towards the 1.17 mark, falling just short of 1.1704, the March 31 low and a key support.
  • USDCHF is set to extend its winning streak to five days, consolidating well above the 0.92 mark and making a marginal new high from late July at 0.9234. More notable resistance comes in at the early July highs seen at 0.9275.
  • Overall, currency market activity remained uneventful as markets prepare for the US July CPI report on Wednesday, the headline data and event risk for the week.
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