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USDCAD Nears Session Lows Ahead Of Macklem & Rogers

CANADA
  • USDCAD has moved back closer to session lows of 1.3814 as the S&P e-mini continues to set fresh session highs.
  • Equities, crude and gold have shown little sign of hawkish pressure from earlier Netanyahu headlines on there being no ceasefire with Hamas.
  • Strong equity gains now pushing further above Friday’s levels sees AUD and NOK outperform whilst CAD and NOK lag amidst heavy declines for crude (WTI -3.6%, Brent -2.9%).
  • Resistance is seen at 1.3881 (Oct 27 high) before a major resistance at 1.3977 (Oct 13, 2022 high), whilst support is seen at 1.3790 (Oct 26 low).

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