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USD/CAD Breaks Key Support, Opens Losses Toward 1.26

FOREX
  • Currency markets are generally rangebound, with the greenback mid-table and the single currency slightly underperforming. EUR/USD has pulled lower from the late Friday highs of 1.1365, and now sits at the midpoint of last week's range.
  • USD/CAD is the standout, breaking lower still, with the pair now through both the 100-dma support at 1.2627 as well as the Dec31 low of 1.2621. This narrows the gap with key support at 1.2608, the Dec 8 low.
  • Commodity-tied currencies are generally firmer, with NOK also trading well despite a moderation in oil prices headed through the Monday open. This puts USD/NOK lower for a second session and further below the 50-dma of 8.8641.
  • The data and speaker slate is typically muted for a Monday, with just US wholesale inventories/trade sales numbers due. There are no central bank speakers of note.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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