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Oil Slide Weighs Further On Already Lagging CAD

CANADA
  • The slide in WTI, now down more than 4% intraday, weighs further on CAD having already been under pressure the day after modestly outperforming with the BoC’s hike and with a further hit from continued extensive wildfires.
  • * USDCAD lifts 20pips to ~1.338 and CAD is now bottom of the G10 FX pack.
  • The pair remains below yesterday's pre-BoC levels though and resistance is not seen until 1.3492 (20-day EMA).

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