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Continued Post-ECB Risk-Off Pushes USDCAD Closer To Resistance

CANADA
  • Risk-off extends with USDCAD probing 1.366 having easily cleared yesterday’s post FOMC statement high of 1.3612 with the ECB statement and especially press conference.
  • Next resistance sits at 1.3700 (Dec 7 high) after which lies 1.3751 (Nov 4 high).
  • US linkages see CAD continue to outperform on a day with USD surging despite oil sliding. AUDCAD now down -1.8% vs -1.0% pre-ECB.

Source: Bloomberg

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