Free Trial

USDCAD Cranks Lower, Close To Support

CANADA
  • USDCAD continues to crank lower, down -0.5% at 1.2511 and just off the session low of 1.2508, resuming yesterday’s move as markets increasingly look for the BOC to hike before the Fed and oil is supported after the inline US CPI print.
  • It is close to support seen at 1.2493 (Nov 16 low) after which it would open 1.2448 (76.4% retracement of the Oct-Dec rally). Firm short-term resistance is 1.2726 (20-day EMA).
  • At least 5 hikes are currently priced over the next year, with JPM yesterday joining the call for liftoff at the Jan 26 meeting before hiking at the three other quarterly MPR meetings plus June.
  • There is no BOC speak scheduled this week and next local data are on Fri, including the BoC’s Business Outlook Survey for Q4.

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.