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USDCAD Climb Continues With ESA Dropping To Lowest Since Late June

CANADA
  • USDCAD continues its climb off earlier lows with the pair currently at 1.3543, nearing an overnight high of 1.3553 with the S&P e-mini (ESU3) pushing to new session lows for levels last seen in late June. (USDCAD earlier lows came before a heavy $1.026B of expiry at 1.3490 with the NY cut).
  • WTI is softening but holds earlier gains (+1.2%), helping CAD and NOK outperform other high beta peers on the day to leave CAD closer to mid-pack of G10 FX.
  • The overnight push has opened 1.3585 (Jun 1 high) before a key 1.3655 (May 26 high), although the 14-day RSI at 73 extends yesterday’s move into overbought territory.

Source: Bloomberg

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