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USDCAD Clears Post-Payrolls Support

CANADA
  • USDCAD dropped 90 pips to a session low of 1.3412 before bouncing to ~1.3425, buoyed by widening underperformance of GoCs with resilience to the rally in Tsys (2YY -1.9bp vs -6.3bp) and equities still bouncing post-open.
  • It easily cleared support at 1.3466 (Nov 7 low), around where there had been some near-term support since payrolls, and came close to testing 1.3409 (Sep 22 low) before bouncing.
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  • USDCAD dropped 90 pips to a session low of 1.3412 before bouncing to ~1.3425, buoyed by widening underperformance of GoCs with resilience to the rally in Tsys (2YY -1.9bp vs -6.3bp) and equities still bouncing post-open.
  • It easily cleared support at 1.3466 (Nov 7 low), around where there had been some near-term support since payrolls, and came close to testing 1.3409 (Sep 22 low) before bouncing.