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USDCAD Bounces Off Support, Mostly On US Data

CANADA
  • USDCAD retraces its recent move lower to 1.364 with a quick 30 pip increase to 1.367, mostly after lower than expected initial jobless claims, and likely less of a driver, a smaller than expected Q4 US current account deficit (10 pips before, 20 pips post-data).
  • It follows brief clearance of support at 1.3644 (Mar 21 low), for the lowest since Mar 7 before Powell opened the door to a 50bp hike just prior to banking woes surfacing, with a more sustained move lower needed to open the 50-day EMA of 1.3584.
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