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USDCAD Nudges Closer To Resistance With 1.34 Handle

  • USDCAD keeps to a narrow range despite broader dollar strength as CAD modestly outperforms Antipodeans.
  • At 1.3379, it has more than unwound a brief dip on Dep Gov Beaudry's "whatever actions" necessary yesterday, whilst a session high of 1.3394 is a yet new cycle high, closer to resistance eyed at 1.3421 (Sep 30, 2020 high) closely followed by 13431 (2.0% 10-dma envelope).
  • GoC outperformance since open pushes Can-US yield differentials back to recent lows, an offset to a modest gain for WTI today.

Source: Bloomberg

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