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USDCAD Hovering Above Important Support Level

CANADA
  • USDCAD dips to a new session low of 1.2899 as risk remains supported by sources reporting Nord Stream 1 could restart on time on Thursday post-maintenance, for -0.6% on the day, notably lagging Antipodeans, Scandis.
  • It ties with yesterday’s low of 1.2899 with an important support at the 50-day EMA of 1.2879 just underneath. A clear break is required to suggest scope for a deeper pullback, with a key support at 1.2819 (Jun 28 low) then eyed, but with the trend condition for now remaining bullish.
  • Underperformance of GoCs to Tsys at the front-end sees a 4bp rise in the short-term Can-US yield differential but it’s still close to month lows as risk sentiment continues to drive the pair.

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