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USDCAD Move Off 200-dma Supported By China Aggregate Financing Miss

CANADA
  • An intraday rise in USDCAD has continued to gain traction ever since notably softer than expected China aggregate financing, although CAD sees rare outperformance vs other majors despite oil sliding after a recent underwhelming run.
  • An intraday swing of +0.35% sees USDCAD +0.15% at 1.2784 having earlier probed support at the 200-dma of 1.2744. It’s still just within yesterday’s range though and remains off resistance at 1.2863 with a breach of 1.2985 (Aug 5 low) required to reinstate a bullish theme after the recent slide.
  • Largest near-by option expiries for today’s cut-off sit at 1.2700 (1.44B) and 1.2800 (0.97B).
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