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USDCAD Keeps To Narrow Range After Recent Swings

CANADA
  • USDCAD is keeping to a narrow range today relative to recent moves, sitting -0.07% at 1.2882.
  • It saw little impact from mixed US data (beats in core durables & pending home sales, miss in Dallas Fed mfg survey) and a further decline in Canadian consumer confidence.
  • CAD sits mid-pack of the majors, including high beta currencies, with largest relative outperformance on the day vs AUD & NZD.
  • That tallies with CFTC positioning holding onto a recent switch to net longs as of Jun 21 (+2.9% of OI, prior to very strong Canadian CPI inflation the day after) compared to trimmed but still net shorts of -29.6% for AUD and -12.6% for NZD.
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  • USDCAD is keeping to a narrow range today relative to recent moves, sitting -0.07% at 1.2882.
  • It saw little impact from mixed US data (beats in core durables & pending home sales, miss in Dallas Fed mfg survey) and a further decline in Canadian consumer confidence.
  • CAD sits mid-pack of the majors, including high beta currencies, with largest relative outperformance on the day vs AUD & NZD.
  • That tallies with CFTC positioning holding onto a recent switch to net longs as of Jun 21 (+2.9% of OI, prior to very strong Canadian CPI inflation the day after) compared to trimmed but still net shorts of -29.6% for AUD and -12.6% for NZD.