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USDCAD Moves Lower On Local Data

  • USDCAD has moved slightly lower on strong Canadian data today, albeit with some noise in thin markets with the US away and with an eye on Wednesday's CPI print.
  • It remains below levels prior to the BoC surveys, which showed further supply pressures and high inflation expectations but were unlikely to have materially changed pre-existing rate calls ahead of the BoC decision on Jan 26.
  • It’s down -0.3% on the day at 1.2515, off a low of 1.2500 but well within Friday’s range and not troubling initial support at 1.2454 (Dec 13 low) or resistance at 1.2621 (Dec 31 low).

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