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USDCAD Holding Onto 1.28 Clearance

CANADA
  • USDCAD is -0.3% at 1.2788 (low of 1.277) as it holds onto an earlier break of 1.28 having struggled to clear it yesterday, maintaining the short-term bearish tone.
  • Continued downside would open 1.2759 (50-day EMA) with large option expiry at 1.2730 (2.630B).
  • CAD plays catch-up today, one of the top performers of the majors having lagged in recent days.
  • With a lack of local drivers, aside from perhaps St Louis Fed's Bullard at 1300ET, risk sentiment will continue to dictate the pair with the next trigger likely the US open. Supportive yield differentials, helped by recent CPI strength, should support CAD further in a risk-on environment.
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