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USDCAD Climb Continues After Yesterday's 50-day EMA Clearance

CANADA
  • USDCAD has continued its push higher with a new session high of 1.334 on a renewed push lower in the S&P e-mini and with WTI more than reversing yesterday's climb.
  • Yesterday saw clearance of resistance at the 50-day EMA before struggling to clear 1.33, although the pair had no difficulty then clearing the round number overnight as it next looks at another important resistance at 1.3387 (Jul 7 high).
  • Issuance aside, there's little by way of CAD-specific drivers until Friday's labor report, leaving broader risk sentiment to help shape moves.

Source: Bloomberg

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