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USDCAD Backs Up After Yesterday's Corrective Pullback

CANADA
  • USDCAD moves from 1.37 to 1.38 over two hours with equities falling after the US open.
  • The move has accelerated on few obvious drivers although has coincided with USDJPY touching new cycle highs, before giving some of it back.
  • It lends support to the technical view that yesterday’s USDCAD pullback was corrective, although at 1.379 it is only back to pre-Empire Mfg levels and with resistance eyed at 1.3898 (Oct 14 high).
  • Canadian CPI tomorrow provides the next idiosyncratic driver with core seen unchanged in Y/Y terms after easing marginally in Aug (trim & median).
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