November 29, 2022 16:47 GMT
CAD Underperformance Extends As Oil Slides
- USDCAD hits a session high of 1.3635 (+1.0%), having cleared the third resistance level of the session, most recently 1.3605 (trendline from the Oct 13 high).
- Weaker GDP details and equity weakness earlier weighed on CAD, which is then further hindered by oil falling on reports that OPEC+ will keep current output rather than the cuts previously touted.
- Potential resistance in USDCAD seen at 1.3691 (61.8% retrace of Oct-Nov pullback) with ultimately a key resistance level at 1.3808 (Nov 3 high).