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USDCAD Holds Reversal Of Tuesday’s US PMI Dip

CANADA
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  • USDCAD is holding onto 0.3% gains today, first on equity and crude futures moving lower before additional impetus from soft Canadian retail and manufacturing sales.
  • The pair sits at 1.3707 but an earlier high of 1.3729 cleared tentative resistance at yesterday’s 1.3714 to open 1.3804 (Apr 19 high) after which lies 1.3846 (Apr 16 high).
  • The latter YTD high had proved short-lived as USDCAD tilted more firmly into overbought territory for the first time since August.
  • CAD underperforms all majors on the day bar NOK and SEK.
  • Tomorrow sees more notable US data with the advance Q1 GDP release, but Canada also sees the CFIB business barometer before payrolled employment in Feb.
  • There is a smaller option expiry pipeline for tomorrow’s NY cut, but the larger expiries are again skewed lower with the largest nearby strike with reasonable size the $571m at 1.3650.
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  • USDCAD is holding onto 0.3% gains today, first on equity and crude futures moving lower before additional impetus from soft Canadian retail and manufacturing sales.
  • The pair sits at 1.3707 but an earlier high of 1.3729 cleared tentative resistance at yesterday’s 1.3714 to open 1.3804 (Apr 19 high) after which lies 1.3846 (Apr 16 high).
  • The latter YTD high had proved short-lived as USDCAD tilted more firmly into overbought territory for the first time since August.
  • CAD underperforms all majors on the day bar NOK and SEK.
  • Tomorrow sees more notable US data with the advance Q1 GDP release, but Canada also sees the CFIB business barometer before payrolled employment in Feb.
  • There is a smaller option expiry pipeline for tomorrow’s NY cut, but the larger expiries are again skewed lower with the largest nearby strike with reasonable size the $571m at 1.3650.