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USDCAD Fades Larger Canadian Trade Surplus

CANADA
  • USDCAD is little fazed by the Canadian trade surplus coming in larger than expected in September (C$2.04B vs cons C$1B) at the same time as the US trade deficit was also larger than expected (-$61.5B vs cons -$59.8B).
  • At 1.3751, it’s close to the earlier day’s high of 1.376 having tested resistance at Friday’s high of 1.3761 after which lies the bull trigger at 1.3899 (Nov 1 high). The day’s climb has taken the pair further off yesterday’s low of 1.3629 having found support just below the 50-day EMA at 1.3641.
  • The increase comes on broad USD strength, helping CAD notably outperform high beta peers despite WTI falling further today (-2%).
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