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MNI: US HOUSE FINANCIAL SERVICES ANNOUNCES HEARING ON SVB, SIG

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USDCAD Climbs With Risk-Off, But Still Lower Since Last BoC

CANADA
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  • USDCAD has continued to see upward momentum through the second half of the session with e-mini S&P still hovering close to session lows, currently at 1.349 (+0.75%).
  • CAD sits bottom of the majors on the day, closely followed by other risk-sensitive peers in AUD and NOK.
  • The ~140 pip increase off overnight lows has pushed the pair close to resistance at the 50-day EMA of 1.3502 in a sharp reversal of the short-term bearish threat previously seen. Continued upside could open 1.3665 (Jan 6 high).
  • However, from a macro perspective ahead of next week’s BoC decision, the pair still trades more than 1% lower than the circa 1.365 heading into the last decision, helped by the strength in the latest labour market report.


Source: Bloomberg

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  • USDCAD has continued to see upward momentum through the second half of the session with e-mini S&P still hovering close to session lows, currently at 1.349 (+0.75%).
  • CAD sits bottom of the majors on the day, closely followed by other risk-sensitive peers in AUD and NOK.
  • The ~140 pip increase off overnight lows has pushed the pair close to resistance at the 50-day EMA of 1.3502 in a sharp reversal of the short-term bearish threat previously seen. Continued upside could open 1.3665 (Jan 6 high).
  • However, from a macro perspective ahead of next week’s BoC decision, the pair still trades more than 1% lower than the circa 1.365 heading into the last decision, helped by the strength in the latest labour market report.


Source: Bloomberg