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USDCAD Moves Lower With US Equity Recovery

CANADA
  • USDCAD has moved lower on the sizeable recovery in US equities, with S&P E-minis shifting from -2.2% to -0.1% in two hours, helped by oil prices getting a further boost from the same rally.
  • However at 1.2598, it’s still within yesterday’s range. Initial support is seen at 1.2555 (Jan 24 low) after which it could open 1.2451 (Jan 19 low and 76.4% of the Oct-Dec rally).
  • As a factor for the BoC decision, it’s near enough unchanged from the previous meeting in Dec.
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