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USDCAD Clears One Support, Tests Another

CANADA
BulletMarketsForeign Exchange Bank of Canada Market News
  • USDCAD has moved through newly found support at yesterday’s low of 1.2510, touching 1.2499 in the process.
  • This has come following a significant sell-off in rates, and despite Eurodollars implied yields rising by more than BAX (as much as 20bps vs 15bps), with a further, smaller, boost from oil prices rising on a missile strike at an Aramco facility.
  • That leaves it testing next support at 1.2499 (Jan 21 low) after which it would open the key level of 1.2451 (Jan 19 low) with a 1.23 handle from Nov 2021 lows after that.
  • The pair has moved lower for 12 of the past 13 days, for a decline of -3%.
  • Little impact from NY Fed’s Williams earlier. Next commentary likely of note is BOC Dep Gov Kozicki in around an hour.


Source: Bloomberg

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  • USDCAD has moved through newly found support at yesterday’s low of 1.2510, touching 1.2499 in the process.
  • This has come following a significant sell-off in rates, and despite Eurodollars implied yields rising by more than BAX (as much as 20bps vs 15bps), with a further, smaller, boost from oil prices rising on a missile strike at an Aramco facility.
  • That leaves it testing next support at 1.2499 (Jan 21 low) after which it would open the key level of 1.2451 (Jan 19 low) with a 1.23 handle from Nov 2021 lows after that.
  • The pair has moved lower for 12 of the past 13 days, for a decline of -3%.
  • Little impact from NY Fed’s Williams earlier. Next commentary likely of note is BOC Dep Gov Kozicki in around an hour.


Source: Bloomberg