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CAD Struggles Even As Canada Averts Snap Election

DOLLAR-CANADA

USD/CAD has been building on yesterday's rally seen after the aforementioned fiscal comments from U.S. Pres Trump as the loonie struggles against all of its G10 peers, with a market contact flagging European demand for the pair.

  • Canadian PM Trudeau managed to secure the backing of one of the opposition parties needed to pass his economic recovery agenda, effectively a vote of confidence in the government, which allowed the country to avert a snap general election.
  • Oil prices have softened a tad in Asia-Pac hours, WTI trades -$0.84 as we type.
  • USD/CAD last deals at C$1.3327, 14 pips better off. A break above the nearby Oct 2 high of C$1.3332 would open up Sep 30 high of C$1.3421, a key near-term bullish target. Bears look for a dip through the 50-DMA at C$1.3241, which limited losses yesterday. This would turn downside focus to C$1.3207, which represents the 50% retracement of the Sep 1 - 30 rally.
  • Canadian housing starts are due Thursday, before domestic labour market report takes focus on Friday. BoC Gov Macklem delivers a keynote speech to the Global Risk Institute summit.
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