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USDCAD Clears Friday Support And 1.37

  • The day’s reversal in USD strength continues with USDCAD dipping through Friday’s low of 1.3704, hitting 1.3699 (-1.3%) in a notable retracement from Thursday’s short-lived post-CPI high of 1.3977.
  • CAD modestly lags other commodity sensitive majors on the day, with negative yield differentials re-widening after business sentiment slowed sharply and business inflation expectations cooled slightly albeit from very high levels.
  • Next technical support seen at the 20-day EMA of 1.3632, with broad risk sentiment driving moves. Potential local driver from Senior Dep Gov Rogers at 1600ET but more attention likely on CPI Wed.

Source: Bloomberg

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