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CAD Swings From Bottom To Top Of G10 FX Pack

CANADA
  • USDCAD unwinds the post-payrolls push higher, back at 1.336 off a high of 1.3426.
  • Its 0.3% increase sees CAD swing from joint underperformer prior to the data to top performer outside of the USD on the day amidst the backdrop of USD strength.
  • The move is helped by e-mini S&P continuing to push to new session highs plus perhaps a boost from oil although the latter’s correlation has been very weak of late.
  • USDCAD technical levels unchanged: resistance seen 1.3472 (Jan 31 high), support seen 1.3262 (Feb 2 low).

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