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USDCAD Keeps To Gains As Oil Pares Losses

CANADA
  • WTI pares losses on OEPC+ headlines warning that the disconnect in futures may force action, but USDCAD is largely unaffected in evidence of the recent dwindling in correlation between the two (per earlier post).
  • Sitting +0.36% at 1.3042 and off a recent session high of 1.3049, it has cleared 1.3035 (61.8% retrace of Jul 14 – Aug 11 downleg) to open mid-July levels with the Jul 15 high of 1.3135 eyed.
  • Key drivers on the day are equity weakness plus a narrowing in front-end Can-US yield differentials (+14bps vs +19bps Fri) as 2Y GoC yields struggle to move through mid-June cycle highs despite continued cheapening in Treasuries (GoCs +4.5bps vs Tsys +9.5bps).
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