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USDCAD Hovering Near 1.36 With Decent Option Expiry Ahead

CANADA
  • USDCAD is content near the 1.36 handle as it holds a move off earlier lows of 1.3584.
  • Near-term option expiry suggests this could remain the case for today’s holiday-thinned session with further decent grouping around 1.36 with $967m at 1.3590 for today’s cut.
  • It doesn’t trouble resistance at the key short-term 1.3668 (Apr 28 high) although came closer on Friday after strong US data, whilst support remains at 1.3485 (May 23 low) prior to more hawkish Fed commentary.
  • CAD’s 0.1% gain to the USD puts it towards the higher end of G10 FX on the day despite WTI more than reversing an increase seen at the open, with the loonie lagging an AUD boosted by iron ore prices more clearly exceeding $100/ton.

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