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US Dollar Unphased By Bounce In Equities, USDCAD Rebounds

FOREX
  • G10 currencies took a back seat on Thursday as global equity indices staged a recovery during the US session. Dollar indices remain in marginal positive territory as the greenback struggled to pick a direction. G10 ranges remained fairly subdued while larger moves were seen in the EM space with the likes of MXN and RUB rising close to 1%.
  • CHF led gains, appreciating ~0.3% against both the EUR and the USD. NZDUSD also higher, advancing 0.25% to 0.7175 as of writing, with mildly firmer risk sentiment propping the kiwi off its lows. Despite the minor gains, the pair still resides down 1.5% since the start of the week.
  • USDCAD has had a fairly strong bounce after failing to break through multi-year support on Wednesday. Risk-off prompted the initial bounce back above noted pivot support at 1.2062. The level has recently been flagged as potentially reinforcing the current medium-term bear leg if breached or lead to a reversal if the support manages to contain CAD strength.
  • CAD weakness was exacerbated by comments from the Bank of Canada. Governor Tiff Macklem, in a press conference, said that a further appreciation of the Canadian dollar would create risk for the bank's outlook. While nothing entirely new, USDCAD took another leg higher towards then end of the session to briefly print above 1.22 (+0.54%).
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