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CAD Sits Mid-Pack, Waiting On US Drivers

CANADA
  • CAD sits decidedly mid-pack of the majors today with USDCAD +0.15% at 1.2787.
  • It’s up from yesterday’s low of 1.2765 having got close to testing support at the 50-day EMA of 1.2763, whilst resistance remains at 1.2896 (May 18 high).
  • Today's drivers of the pair are likely from the US. The Fed's Powell might not be overly market-moving with his opening remarks at an economic summit pre-recorded for video but the US S&P Global PMI could be a trigger after moderations in the UK and Eurozone equivalents, weighing on higher growth beta currencies.

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