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USDCAD Offs Lows After ADP, US Deployments

CANADA
  • USDCAD briefly tested support of 1.2650 both before and just after a weak ADP, before firming possibly on clear signs of Omicron in the data that should fade ahead in Feb.
  • Building permits had little impact before a further rise on the announcement of US troop deployments to Eastern Europe.
  • Technicals show a bullish theme still intact despite this week’s pullback. First support is 1.2650 (Jan 27 low) after which it could open 1.2560 (Jan 26 low), whilst key resistance is 1.2814 (Jan 6 high).

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