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CANADA: USDCAD Sees Firm Shift Away From Oversold, BoC Comes Into Focus

CANADA
  • USDCAD at ~1.3550 holds the bulk of its climb to 1.3562 today owing to broader risk-off flows.
  • The pair more firmly moves away from oversold territory having lifted more than 100 pips from last week’s low of 1.3441.
  • That low marks initial support after which lies 1.3420 (Mar 8 low) but it has stepped closer to resistance at 1.3594 (20-day EMA).
  • CAD outperforms other high beta peers amidst the risk-off, although did receive a marginal helping hand from the increase in the S&P Global mfg PMI which included the steepest increase in output charges for nine months.
  • Tomorrow sees some heavy option expiry by recent standards with $1.08bn at 1.3515.
  • The BoC decision also lands at 0945ET with a widely expected third consecutive cut and greater attention on any rate path clues. Preview: https://media.marketnews.com/BOC_Preview_Sep2024_931b755129.pdf
  • It is however closely followed by US JOLTS just 15mins later and with US and Canadian jobs reports eyed on Friday.
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