Free Trial

USDCAD Clears Resistance In Continuation of Post-Empire Climb

CANADA
  • USDCAD has pushed to a new session high of 1.3420 after poking through resistance at 1.3407 (Apr 4 low), next opening 1.3448 (Apr 13 high) as it extends an upward move seen since the surprise strength of the admittedly very volatile Empire State manufacturing index.
  • The pair has pulled back from oversold conditions, now up ~120 pips from Friday’s low.
  • Amidst USD strength, CAD is second only to AUD on the day vs non-USD majors.
  • CAD’s next driver is CPI tomorrow with a sizeable improvement in Y/Y forecasts on base effects, plus Gov Macklem also speaks in part one of his House/Senate appearances this week although reaction is likely limited coming after last week’s BoC communications.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.