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USDCAD Maintaining Corrective Pullback

  • CAD sees little impact from China’s Li calling for boosting the consumption recovery, with USDCAD hovering 20-25 pips off session lows of 1.2978 whilst the corrective pullback remains in play.
  • The session low was just shy of support at the 50-day EMA of 1.2963, after which sits key near-term support of 1.2895 (Aug 25 low), but moves are likely led by risk sentiment today with only weekly Canadian consumer confidence on the docket.
  • CFTC non-commercial positioning showed a trimming of CAD net longs ahead of the BoC (15.3 to 11.2% OI) but remains clearly more bullish than AUD (-32%) or NZD (-6%) for closer linkages to China.

Source: Bloomberg

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