Free Trial

USDCAD Drifts Off Highs Despite Continued Oil Slide

CANADA
  • USDCAD at 1.375 has pulled back off session highs of 1.3783, but still easily holds onto clearance of Friday’s high of 1.3761 after which lies the bull trigger at 1.3899 (Nov 1 high).
  • A backdrop of a firmer US dollar helps CAD outperform other high beta peers although some of its earlier outperformance has narrowed with WTI seeing one directional weakness today for currently -4%.
  • From earlier, MEG says the WCS discount could fall below $15 after the start-up of Trans Mountain Expansion.
  • Tomorrow sees building permits and the BoC minutes on the local docket (plus 5Y supply after today’s underperformance to Tsys with 5YY -4bps vs -6.5bps) whilst further heavy Fedspeak headlines the USD leg.

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.