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CAD Switches Back To Underperforming As Softer WTI & Equities Weigh

CANADA
  • CAD sits at the bottom of the G10 FX pack today in a reversal of yesterday’s outperformance, weighed by WTI moving more notably back below $90 and the S&P e-mini under pressure (albeit both off earlier lows).
  • It sees USDCAD trades within 5 pips of earlier highs of 1.3500, coincidentally where there is a large $1.35bn option expiry at today’s NY cut.
  • The overnight increase has stopped short of resistance at 1.3513 (20-day EMA) although these gains are considered corrective with support at 1.3381 (Sep 19 low).
  • Today sees a limited docket from the CAD side, headlined by flash manufacturing sales for August, but with various US data releases covering housing and business & consumer surveys.
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