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USDCAD Lifts Off Fresh Lows After Support Clearance, Macklem Q&A Ahead

CANADA
  • USDCAD has lifted almost 20 pips off a low 1.3519, having initially made light work of support at the 20-day EMA of 1.3547 before briefly clearing 1.3528 (May 2 low) to potentially open 1.3473 (Apr 21 low).
  • 2Y GoC yields have increased +4bps since Macklem’s initial remarks but are vs +7bps for Tsys.
  • Subsequent Macklem comments have broadly kept to prior remarks that the BoC is more worried about upside risk to inflation and being premature to consider rate cuts (potentially costly), but we still have the media Q&A in 10mins. Tomorrow’s employment reports for both US and CAD are likely more impactful.
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