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DOLLAR-CANADA: Pertinent CAD related news flow has subsided in the wake of the
USMCA agreement over the weekend, with USD/CAD moving above its 200-DMA
(C$1.2871) on the back of the broader USD strength observed in the last 24
hours, last C$1.2883, while the September 21 low (C$1.2886) provides immediate
resistance. Ultimately bulls are now looking for a break of C$1.2900/20 before
targeting the 100-DMA (C$1.3054). Bears need a move back below the 200-DMA to
allow them to re-focus on channel base support (C$1.2792).
- Highlights on the CA docket during the remainder of this week include Ivey
PMI, due later today, & CA trade data, as well as the Canadian labour market
report, due Friday.
MNI London Bureau | +44 0203-865-3809 |