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USDCAD Nudge Session Lows Post FOMC Minutes

CANADA
  • USDCAD extends an earlier move lower, falling an additional ~20pips since the minutes for -0.1% at 1.2809 as it touches a new session low, but still well within yesterday’s wide range.
  • CAD performs towards the higher end of the majors today after mixed performance of late.
  • An earlier high of 1.2885 saw the pair come close to resistance at 1.2896 (May 18 high), clearance of which could have helped further drive the resumption of a broader bullish trend outlook.
  • Drivers are likely data-heavy tomorrow, with Canadian retail sales and the CFIB business barometer plus the 2nd estimate of Q1 GDP.

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