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USDCAD: Brief Round Trip On US Equity Weakness

CANADA
  • USCAD has returned to the low end of the narrow range seen through much of the session, seemingly treading water ahead of the BoC and Fed tomorrow.
  • It broke higher and touched 1.2669 after equity weakness on US open, but is back at 1.2633 after they bounced.
  • It remains below yesterday’s high of 1.2702 which was just shy of resistance at 1.2708, both the 50-day EMA and the 50% retracement of the Dec 20 – Jan 19 sell-off. Initial support is seen at 1.2555 (Jan 24 low).

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