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Firming In Risk Sees USDCAD Move Off Latest High

CANADA
  • USDCAD at 1.3537 approaches lows for the US session as the S&P e-mini nears the day’s highs along with a sharp uptick for WTI.
  • Earlier equity weakness followed by USD strength ahead of the S&P cash open saw USDCAD touch a new recent high of 1.3575 to stop just short of latest resistance at 1.3585 (Jun 1 high).
  • It pushed the pair more firmly into overbought territory although should that continue to be faded, as has been the case in the past couple days, a push higher could open a key 1.3655 (May 26 high).
  • On the CAD side, next week sees retail sales come into the focus as one of the last higher tier releases before the BoC decision on Sep 6, with autos potentially distorting an underlying trend that is expected to show a slight firming after a flat May.
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