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Late Risk Off Sees USDCAD Eye Cycle Highs

CANADA
  • USDCAD extends to a new session high of 1.3819, moving closer to resistance at the Wed high of 1.3833, +1.0% but with CAD still outperforming other commodity exporting majors.
  • If it was to see a break higher it could open 1.3896 (3.00 proj of the Aug 25 – Sep 7 – 13 price swing), with possibly a better idea of levels come Monday with the local FI markets open again after the National Day for Truth & Reconciliation.
  • Upcoming triggers: Monday PMIs and particularly US ISM after any weekend geopol developments.

Source: Bloomberg

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