May 23, 2024 12:21 GMT
Spot USDCAD Eases To Today’s Main Option Expiry
CANADA
- USDCAD at ~1.3670 has trended lower today, steadily unwinding a lift seen after the FOMC minutes (which drove a larger reaction in FX space than FI) with declines aided by strength in equity futures.
- Yesterday saw a peak of 1.3698, clearing prior resistance to open 1.3785 (Apr 30 high). Support meanwhile is seen at the bear trigger of 1.3590 (May 16 low).
- Local interest is limited today, with employment insurance for March at 0830ET. US weekly jobless claims (0830ET) and preliminary PMIs (0945ET) are more notable potential drivers.
- Beyond data, today’s NY cut sees reasonable option expiry grouped near current spot, with $709m at 1.3675 ($709m) plus $329m at 1.3665 and $300m at 1.3685. To the downside, $638m at 1.3600.
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