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USDCAD Hovers Near Recent Support Level

CANADA
  • USDCAD hit the joint day’s low of 1.3466 on WSJ sources saying Chinese leaders are weighing steps towards zero-Covid reopening but with no timeline set, all the while holding to a narrow 30 pip range for the US session.
  • It fleetingly dipped below Friday’s low of 1.3469 seen after the combination of US and Canadian jobs prints. Whilst there appears to be support at the mid-to-high 1.346s, further downward momentum could open 1.3409 (Sep 22 low).

Source: Bloomberg

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