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CAD Underperforms Amidst PSAC Strike

CANADA
  • USDCAD is pushing a new session high of 1.3458 (+0.5%) in a renewed bid after the earlier brief clearance of 1.3448 (Apr 13 high).
  • It opens the way to the 20-day EMA at 1.3490, with the pair seemingly benefiting from disruption caused by the PSAC strike starting today as it further pulls back from a fleeting dip into oversold territory.
  • CAD nears the bottom of the G10 FX pack today, only gaining vs NOK with oil prices sliding.
  • The local docket is light tomorrow with Macklem and Rogers Senate appearance unlikely to touch new ground from the House on Tue or BoC commentary last week, leaving retail sales on Fri next up.

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