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USDCAD Hovering Above Support As Risk-On Extends

CANADA
  • USDCAD hits new session lows of 1.2774 (-0.3%) with the extension of post US open risk-on.
  • CAD leads most majors apart from EUR today, likely some catch-up having lagged risk sensitive currencies in recent days rather than driven by earlier mixed data.
  • Another step lower could test two close support levels at 1.2767 (50-day EMA) and 1.2765 (May 24 low), clearance of which would open key support at 1.2714 (May 5 low).
  • Can-US yield differentials are off recent highs but still relatively supportive compared to the past three months, although risk-on/risk-off flows continue to dominate moves in the pair.
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