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USDCAD Nears Post-Core PCE Resistance

CANADA
  • USDCAD has pushed to a day’s high of 1.3643 with CAD outperforming across more crosses than not amidst USD strength.
  • The move saw it within 25 pips of resistance at 1.3665, the Feb 24 high touched after the US core PCE beat, after which lies the bull trigger of 1.3705 (Dec 16 high).
  • Decent-sized option expiry at 1.3600 ($952M) for today’s NY cut could offer some downside traction near-term although Powell speaking at a similar time will take precedent. Nothing slated locally before tomorrow’s BoC decision.

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