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USDCAD Clears Resistance As Equities Come Under Pressure

CANADA
  • USDCAD touches a high of 1.3585 after another leg higher with the extension of downward pressure on the S&P E-mini since the open (and with TSX further lagging), which sees high beta currencies coming under most pressure.
  • Extending a recent bullish theme, the pair has pushed through resistance at 1.3568 (May 15 high), opening 1.3640 (May 3 high) from before the dovish leaning FOMC decision.
  • Little by way of a domestic docket today leaves further debt talk back and forth and upcoming Fedspeak as near term drivers.


Source: Bloomberg

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