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USDCAD At 1.3700 With WTI Adding To Earlier Equity Losses

CANADA
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  • The downturn in S&P 500 futures may have been at least partly pared but that doesn’t stop USDCAD from pushing above 1.3700 with WTI having now fully unwound earlier sizeable gains.
  • USDCAD has seen a high of 1.3705, further building on yesterday’s clearance of 1.3691 (May 10 high) with next resistance not seen until 1.3785 (Apr 30 high).
  • Earlier option expiry at 1.3675 had lent some weight at lower levels, whilst there's less expiry of note looking ahead to tomorrow’s cut with just $462m at 1.3705.
  • Tomorrow sees Canadian retail sales for Mar/Apr advance as a warm-up for the following week’s GDP data in the last main reports before the Jun 5 BoC decision (still hovering between 15-16bps having faded the lift in Fed implied rates on stronger PMIs).

Source: Bloomberg

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  • The downturn in S&P 500 futures may have been at least partly pared but that doesn’t stop USDCAD from pushing above 1.3700 with WTI having now fully unwound earlier sizeable gains.
  • USDCAD has seen a high of 1.3705, further building on yesterday’s clearance of 1.3691 (May 10 high) with next resistance not seen until 1.3785 (Apr 30 high).
  • Earlier option expiry at 1.3675 had lent some weight at lower levels, whilst there's less expiry of note looking ahead to tomorrow’s cut with just $462m at 1.3705.
  • Tomorrow sees Canadian retail sales for Mar/Apr advance as a warm-up for the following week’s GDP data in the last main reports before the Jun 5 BoC decision (still hovering between 15-16bps having faded the lift in Fed implied rates on stronger PMIs).

Source: Bloomberg