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CAD Softens With ECB Decision

CANADA
  • USDCAD rises 15pips for +0.1% at 1.2570 since the ECB decision and explicit guidance of increasing rates ahead as equities slip. and back above yesterday’s range.
  • It takes it back above yesterday's range but technicals point to a bearish outlook with next significant support at 1.2459 (Apr 21 low) whilst resistance is eyed at 1.2686 (Jun 2 high). The nearest reasonably sized option expiry is $739M at 1.2500.
  • EURCAD meanwhile continues to move higher, now 45 pips higher at 1.3508 to take it further off yesterday’s recent lows near the 2022 double bottom at 1.33905, which is also the lower since 2015.
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