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USDCAD Lifts After Probing Below 1.34

CANADA
  • USDCAD has lifted to 1.3426 as equity and (more notably) crude oil futures nudge lower. It sees a more discernible lift off overnight lows of 1.3399, having probed sub-1.34 for the first time since Jan 15 before the sizeable paring of Fed rate cut expectations.
  • The earlier dip marked a step closer to support at 1.3382 (Jan 15 low) as what’s deemed a corrective pullback extends, whilst resistance remains at the bull trigger of 1.3542 (Jan 17 high).
  • The Can-US 2Y yield differential of -30.5bps holds within ranges from the past two weeks, close to highs since October.
  • Today sees a very light Canadian docket, with US JOLTS and consumer confidence potential drivers.
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