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USDCAD Climbs On U.Mich Beat As CAD Falls Out Of Favour Again

CANADA
  • USDCAD pushes new session highs having added 45 pips since the U.Mich beat, having already started to drift higher ahead of the release.
  • It comes as CAD has slipped from one of the top performers to now near bottom of the G10 FX pack on the day, a third day of underperforming since US CPI despite today’s third consecutive 2% monthly increase in home prices plus solid manufacturing sales volumes.
  • The high of 1.318 remains below the ~1.3225 seen prior to US CPI comes , whilst recent solid declines mean resistance is still a little way off at 1.3251 (20-day EMA) going against a resumption of its medium-term downtrend.


Source: Bloomberg

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