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USDCAD In Narrow Range With Victoria Day

CANADA
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  • USDCAD at 1.3620 trades at the top of a narrow overnight range, helped by an intraday decline in WTI, but remains within the range from the second half of last week.
  • The earlier low of 1.3600 came close to support at 1.3590 (May 16 low) after which lies 1.3547 (Apr 9 low) after clearing key supports last week.
  • Victoria Day closures should limit activity today whilst the NY cut sees expiry either side of spot with $0.73bn at $1.3730 and $0.72bn at 1.3535.
  • Fedspeak can have an impact today but domestic focus is firmly on tomorrow’s CAD CPI. BoC-dated OIS now shows a little less than 50% of a cut with the Jun 5 meeting.
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  • USDCAD at 1.3620 trades at the top of a narrow overnight range, helped by an intraday decline in WTI, but remains within the range from the second half of last week.
  • The earlier low of 1.3600 came close to support at 1.3590 (May 16 low) after which lies 1.3547 (Apr 9 low) after clearing key supports last week.
  • Victoria Day closures should limit activity today whilst the NY cut sees expiry either side of spot with $0.73bn at $1.3730 and $0.72bn at 1.3535.
  • Fedspeak can have an impact today but domestic focus is firmly on tomorrow’s CAD CPI. BoC-dated OIS now shows a little less than 50% of a cut with the Jun 5 meeting.