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USDCAD Back To Unchanged As Risk Sentiment Recovers Post ECB

CANADA
  • USDCAD is back to nearly unchanged at 1.2883 with latest risk-on helping push the pair lower after whipsawing with the ECB’s front-loaded 50bp hike and weak US data for ultimately a -0.3% drop since then.
  • There have been significant two-sided swings since last week’s BoC with a range of 1.2855-1.3224, and there are further potential drivers with Canadian retail sales and the preliminary US S&P Global PMI tomorrow.
  • Whilst there was little clear impact from the Philly Fed miss amidst the ECB announcement and presser, the weak Leading Index was behind a gyration later on. There will likely be greater sensitivity to the PMI, with a beat and the boost it would have for risk sentiment possibly required to take the pair much lower with the 50-day EMA at 1.2859.

USDCAD Open To Large SwingsSource: Bloomberg

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  • USDCAD is back to nearly unchanged at 1.2883 with latest risk-on helping push the pair lower after whipsawing with the ECB’s front-loaded 50bp hike and weak US data for ultimately a -0.3% drop since then.
  • There have been significant two-sided swings since last week’s BoC with a range of 1.2855-1.3224, and there are further potential drivers with Canadian retail sales and the preliminary US S&P Global PMI tomorrow.
  • Whilst there was little clear impact from the Philly Fed miss amidst the ECB announcement and presser, the weak Leading Index was behind a gyration later on. There will likely be greater sensitivity to the PMI, with a beat and the boost it would have for risk sentiment possibly required to take the pair much lower with the 50-day EMA at 1.2859.

USDCAD Open To Large SwingsSource: Bloomberg