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CAD Underperforms Peers Ahead Of Fedspeak

  • USDCAD is just off session lows of 1.3379 (-0.5%) with CAD now underperforming its peers having started the day close to the middle despite oil since rising and yield differentials pulling off session lows.
  • Little reaction to BoC’s Rogers earlier with Fedspeak still ahead before a heavy US docket and BoC’s Macklem tomorrow.
  • The pair has kept to a relatively narrow 40 pip range for the US session, consolidating a move lower from yesterday’s clearance of the 50-day EMA at 1.3453 but without making new ground towards support at 1.3301 (Nov 18 low) after which lies the bear trigger at 1.3226 (Nov 15 low).

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