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USDCAD Next Eyes Support With 1.34 Handle

CANADA
  • USDCAD sees session lows of 1.3523 (-0.7%), with an even stronger rise in WTI of 3.5% helping limit some of the earlier underperformance to other majors (but with EURCAD still +1.0%, 50 pips off session highs since late June).
  • Prior clearance of 1.3560 (Sep 26 low) when S&P E-minis first cleared 3800 has opened next support at the 20-day EMA of 1.3443 in a further extension of the short-term reversal for USDCAD.
  • US ISM services and ADP come into focus tomorrow

USDCAD (white) and EURCAD (yellow)Source: Bloomberg

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  • USDCAD sees session lows of 1.3523 (-0.7%), with an even stronger rise in WTI of 3.5% helping limit some of the earlier underperformance to other majors (but with EURCAD still +1.0%, 50 pips off session highs since late June).
  • Prior clearance of 1.3560 (Sep 26 low) when S&P E-minis first cleared 3800 has opened next support at the 20-day EMA of 1.3443 in a further extension of the short-term reversal for USDCAD.
  • US ISM services and ADP come into focus tomorrow

USDCAD (white) and EURCAD (yellow)Source: Bloomberg