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Equity Reversal Adds To USDCAD Lift

CANADA
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  • The reversal of earlier gains for the S&P 500 has added to upward pressure for USDCAD on what had been devoid of the usual drivers.
  • USDCAD has touched a high of 1.3741 (+0.5%) in a step closer to resistance at 1.3785 (Apr 30 high) after which lies a more notable 1.3846 (Apr 16 high).
  • It marks a move away from support at the 50-day EMA (1.3626) after a brief piercing of it after Friday’s US payrolls report with 1.3610.
  • CAD fares similarly to other high beta peers on the day and broader risk sentiment should help dictate moves ahead tomorrow as well with another thin docket and no meaningful USDCAD option expiry for the NY cut.
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  • The reversal of earlier gains for the S&P 500 has added to upward pressure for USDCAD on what had been devoid of the usual drivers.
  • USDCAD has touched a high of 1.3741 (+0.5%) in a step closer to resistance at 1.3785 (Apr 30 high) after which lies a more notable 1.3846 (Apr 16 high).
  • It marks a move away from support at the 50-day EMA (1.3626) after a brief piercing of it after Friday’s US payrolls report with 1.3610.
  • CAD fares similarly to other high beta peers on the day and broader risk sentiment should help dictate moves ahead tomorrow as well with another thin docket and no meaningful USDCAD option expiry for the NY cut.