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USDCAD Drifts Higher After Already Unwinding CPI Drop, CAD Still Outperforms

CANADA
  • USDCAD has held a drift higher after its earlier sharper reversal of post-CPI lows, currently up slightly on the day at 1.347.
  • CAD still just about outperforms all other majors although CHF and EUR have closed the gap, whilst the day’s downward pressure on the S&P E-mini (despite being off lows) has helped see USDJPY pull back off post-data highs.
  • Tomorrow sees a much lighter docket for both US and Canada, with large option expiry for the NY cut potentially offering some traction ($1.31B at 1.3450 and $1.19B at 1.3400) barring any surprises from upcoming debt talks.
  • The day’s low of 1.3404 aside, further support remains 1.3363 (May 11 low) whilst resistance is seen at 1.3568 (May 15 high).
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