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USDCAD Lurches Higher, BoC Surveys Currently Count For Little

CANADA
BulletMarketsFixed IncomeForeign Exchange
  • USDCAD has continued to ramp higher, sitting +0.9% at 1.2981, with yesterday’s acceleration in Canadian inflation expectations across both business and consumer surveys providing little support for CAD in the face of USD strength (only modestly outperforming AUD & NZD).
  • It has cleared initial resistance at 1.2966 (Jul 1 high) and closes in on 1.3017 (Jun 23 high), after which could expose a bull trigger at 1.3079 (May 17 high).
  • CFTC net spec positions as of Jun 28 showed a modest build in CAD net longs, touching 6.4% of OI compared to net shorts of -31% and -13% for AUD and NZD out of other high beta majors.
  • Data today limited to US factory orders and Canadian building permits imminently, likely overshadowed by the broader risk-off moves.

Source: Bloomberg

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  • USDCAD has continued to ramp higher, sitting +0.9% at 1.2981, with yesterday’s acceleration in Canadian inflation expectations across both business and consumer surveys providing little support for CAD in the face of USD strength (only modestly outperforming AUD & NZD).
  • It has cleared initial resistance at 1.2966 (Jul 1 high) and closes in on 1.3017 (Jun 23 high), after which could expose a bull trigger at 1.3079 (May 17 high).
  • CFTC net spec positions as of Jun 28 showed a modest build in CAD net longs, touching 6.4% of OI compared to net shorts of -31% and -13% for AUD and NZD out of other high beta majors.
  • Data today limited to US factory orders and Canadian building permits imminently, likely overshadowed by the broader risk-off moves.

Source: Bloomberg