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USDCAD Has Room To Move On Fedspeak, US Data

CANADA
  • USDCAD is -0.2% at 1.2819 having cleared support at the 20-day EMA overnight, but CAD lags other risk-sensitive majors as it consolidates its move lower after a few sessions of outperformance.
  • It’s off an earlier low of 1.2807 but doesn’t trouble support at the 50-day EMA of 1.2749 nor resistance at yesterday’s high of 1.2982, potentially opening the way for larger moves with Fedpseak (Bullard first at 0800ET) and US data (retail sales at 0830ET).
  • Can-US yield differentials remain supportive at both 2Y and 10Y tenors but have been trimmed from last week's recent highs.
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