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USDCAD Decline Pauses Along With Sentiment Gains

CANADA
  • A rolling over in risk sentiment sees the day’s decline in USDCAD pause around 1.365 off a low of 1.3634.
  • CAD lags other high beta majors with its linkages to the US after the ISM miss helped drive a further leg of USD weakness.
  • It has moved closer to support at 1.3603 (Sep 28 low) after which would lie 1.3468 (Sep 23 low), with a US-centred schedule with Fedspeak still to come plus JOLTS and factory orders tomorrow.
  • If CFTC non-commercial positioning is indicative of broader views, CAD bullishness was slashed further early last week from net longs of 1% OI (off 18% mid-Aug) to net shorts of -12.5%.
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  • A rolling over in risk sentiment sees the day’s decline in USDCAD pause around 1.365 off a low of 1.3634.
  • CAD lags other high beta majors with its linkages to the US after the ISM miss helped drive a further leg of USD weakness.
  • It has moved closer to support at 1.3603 (Sep 28 low) after which would lie 1.3468 (Sep 23 low), with a US-centred schedule with Fedspeak still to come plus JOLTS and factory orders tomorrow.
  • If CFTC non-commercial positioning is indicative of broader views, CAD bullishness was slashed further early last week from net longs of 1% OI (off 18% mid-Aug) to net shorts of -12.5%.