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USDCAD Eyes Resistance As CAD Sees Further Underperformance

CANADA
  • USDCAD touches a joint session high of 1.348 as CAD underperforms other majors for the second day running, with the loonie most likely weighed by strikes.
  • It stops just shy of resistance at the 20-day EMA of 1.3487, after which lies 1.3528 (50-day EMA).
  • A light local docket today sees Macklem and Rogers Senate appearance at 1130ET headline even though unlikely to add to Tuesday’s House appearance or last week’s BoC commentary (i.e. leaving the door open to further hikes if necessary). US data likely more impactful.

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